Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
LG Announces First-Quarter 2022 Financial Results
 

Highest Quarterly Revenue in Company’s History Reflect

Strong Demand for Premium LG Home Appliances and Auto Parts

Dubai, April 29, 2022 — LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of KRW 21.11 trillion (USD 17.53 billion) – the highest quarterly revenue in company history. Operating profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by royalty income, partially offset by a one-time workforce restructuring cost.  

Compared with the first quarter a year ago, revenues grew by 18.5 percent and profitability soared by 6.4 percent, reflecting very strong demand for LG home appliances as consumers around the world continue their focus on healthier living, energy efficiency and home upgrades. The vehicle component business unit’s sales increased driven by higher demand for auto parts as a result of a proactive and pre-emptive response to shortages of automotive semiconductors.

The LG Home Appliance & Air Solution Company generated first-quarter sales of KRW 7.97 trillion (USD 6.62 billion), with operating profit of KRW 447.60 billion (USD 371.68 million). Sales increased 18.8 percent from the same quarter last year, recording the business unit’s highest quarterly revenue. Stable growth was driven largely by strong performance in premium appliances and new categories such as hygiene products applied with steam technology. The appliance business expects to see continued growth by expanding overseas sales in new appliance categories.

The LG Home Entertainment Company recorded sales of KRW 4.06 trillion (USD 3.38 billion) with an operating profit of KRW 188.40 billion (USD 156.44 million). Sales increased 1.4 percent from the same period a year ago driven by continued demand for premium products including OLED and large-screen TVs in Europe and North America. The business unit expects continued growth by expanding sales of premium TVs including LG OLED TVs, QNED TVs and large-screen TVs.

The LG Vehicle component Solutions Company achieved first-quarter sales of KRW 1.88 trillion (USD 1.56 billion). The sales increase of 8.5 percent from the same period last year reflected a preemptive response to shortages of automotive semiconductors. The business unit’s first-quarter operating loss is narrowing to KRW 6.30 billion (USD 5.23 million), and the company has implemented better cost management to further improve profitability.

The LG Business Solutions Company saw improved first-quarter revenues of KRW 2.02 trillion (USD 1.67 billion), an increase of 23.7 percent from a year ago largely on the back of continued demand for products such as monitors and PC products in the beginning of academic season and recovery of the B2B segment, while product competitiveness and operational efficiencies also improved.

2022 1Q Exchange Rates Explained 
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2022. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,204.26 per USD.

Earnings Conference and Conference Call 
LG Electronics will hold a Korean / English conference call on April 28, 2022 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 15297 times
PR Category : Banking & Investments
Posted on : Friday, April 29, 2022  3:28:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Ogilvy EMEA Chairman Paul O'Donnell Announces Retirement, En...
Next Story : DAE Publishes its 2021 ESG Report
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Danube Home Signs Franchise Partnership with Hyvec Group to Enter Mauritius Market [5715-Views]
Experience a New Full-Board Summer Staycation at Lapita, Dubai Parks and Resorts [4920-Views]
Malabar Gold & Diamonds Associates with Nitol Niloy Group to Expand Operations into Bangla... [4875-Views]
Rock & Fly Jewelleries from Akillis [4670-Views]
Samsung Launches the Neo QLED 8K TV across Qatar, Kuwait, Oman and Bahrain [4047-Views]
Dubai Customs Holds Awareness & Entertainment Activities during DSS 2022 [4030-Views]
Look Your Sustainable Best This Summer with Springfield's Spring/Summer Collection [3579-Views]
Ahood Alenezi Is Announced as the Face of Djula [3448-Views]
Arab Bank Group Profits Grow by 38% to $252 Million for the First Half of 2022 [3235-Views]
Learn, Laugh and Play at Modesh World This Summer [3202-Views]
Chalo BurJuman Mall, Chalo Maldives [2743-Views]
How Sony is Transforming the Art and Technology of Listening [2722-Views]
Introducing fisio: Your Partnerin Recovery [2644-Views]
Fromage Friday at Le Gourmet in Galeries Lafayette [2554-Views]
Nucleus Research Positions Infor as a Leader in its 2022 Enterprise ERP and SMB ERP Techno... [2452-Views]
Jaguar Land Rover Prepares for Advanced Electrified and Connected Future with New Testing ... [2427-Views]
GCC Hospitality Industry to Witness Steady Growth after Sharp Post Pandemic Recovery, says... [2419-Views]
Al-Futtaim Automotive Reveals Strong H1 Results, Reflecting Continuing Rebound for Automot... [2403-Views]
Dubai Customs Discusses Furthering Trade Cooperation with South Korea [2312-Views]
June Air Cargo: Stable and Resilient [2288-Views]
Panasonic's New High-Performance Blender is Perfect for Making Your Summer Refreshingly He... [2251-Views]
LG Announces Second-Quarter 2022 Financial Results' [2230-Views]
Amlak Finance Announces H1 2022 Financial Results [2230-Views]
Etihad Airways Scales Up its Cargo Operations with Airbus New Generation A350F Freighter [2152-Views]
Emirates Steel Arkan Announces Q2 2022 Results [2144-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories