LG Electronics announced the first-quarter 2021 consolidated sales of 18.81 trillion won ($16.90 billion) and operating profit of 1.52 trillion won ($ 1.36 billion) – the highest quarterly results in the company’s history on April 29 with the 8.1 percent operating profit being a first-quarter record.
Compared with the first quarter a year ago, revenues grew by 27.7 percent and profitability soared by 39.1 percent, reflecting very strong demand for LG home appliances and home entertainment products as consumers around the world continue to spend more time at home.
The LG Home Appliance & Air Solution Company generated first-quarter sales of KRW 6.71 trillion (USD 6.03 billion), an increase of 23.8 percent from the previous year. Operating profit of 919.90 billion won ($826.39 million) was 22.1 percent higher than the first quarter last year.
For the second consecutive quarter the appliance business division saw significant growth year-on-year in North America and Europe as well as in its home market of South Korea where the rental business is particularly healthy. Profitability was accompanied by stable growth led by strong sales of premium products in North America and Europe. The business unit expects to see continued growth by expanding overseas sales in new products.
The LG Home Entertainment Company recorded sales of 4.01 trillion won ($3.60 billion) in the first quarter, an increase of 34.9 percent from the same period a year ago. Operating income grew 23.9 percent year-on-year to 403.80 billion won ($362.75 million), buoyed by strong sales in North America and Europe. Premium products led by OLED and NanoCell TVs continued to experience strong demand as the pandemic effect continued in most of the world. To maintain this success in 2021, LG will continue to enhance its premium product lineup, further expand online sales, optimize resources and streamline asset management.