LG Electronics’ operating profit increased by 39.2% in the first quarter, hitting a record high

LG Electronics released unaudited preliminary results on Wednesday. Operating profit in the first quarter increased by 39.2% year-on-year to 1.5178 trillion won (approximately RMB 8.9 billion) revenue increased by 27.7% year-on-year to 18.8057 trillion won, both of which set orders.

Operating profit broke a single-season record in the past 12 years, exceeding the previous record of 1.2438 trillion won set in the second quarter of 2009. Revenue also exceeded the previous record of 18.7826 trillion won set in the fourth quarter of 2020.

LG Electronics has achieved such good results despite the loss of the mobile phone department, which is eye-catching. The analysis believes that in the context of the gradual recovery of the global economy, consumers’ “retaliatory consumption” has driven the sales of high-end home appliances and TVs to increase significantly.

Many brokerages speculated that LG’s household appliance (H&A) division sales and operating profit may exceed 6 trillion won and 800 billion won, respectively, setting a single-season record.