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 21500 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
Discover My Olivanna's Super-Fruit Powered Skincare [5822-Views]
As Unique as your LOVE [5687-Views]
Tanishq Regional Expansion Gains Impetus with Its First Store in UAE's Capital [5584-Views]
New Year, New Me with essence Products [4699-Views]
Emirates Post Group Collaborates with Egypt Post to Launch New Stamp that Celebrates 50th ... [4375-Views]
Spring 23 Women's Collection [4145-Views]
Embrace this New Year with Catrice [4112-Views]
CBI Net Profit Increases by 15% to AED 150 million in 2022 [4084-Views]
Direct TT Granted SCA License for Financial Consulting and Financial Analysis in the Unite... [3874-Views]
Saudi Delegation Highlights Kingdom's evolving Global Growth story at World Economic Forum [3706-Views]
Dubai Jewellery Group's Live the Glitter Campaign Rewards 64 UAE Residents with a Total of... [3641-Views]
SAP Announces Q4 and FY 2022 Results [3526-Views]
AWS and Masdar City Free Zone Collaborate to Accelerate Growth of UAE Startups [3501-Views]
Saudi Arabia joins WEF Jobs Consortium to Promote better Future of Work [3432-Views]
ADSW 2023 Highlights Role of Private Sector to Sustain UAE's $43bn Investment in Clean Ene... [3419-Views]
Alexander McQueen the Curve Sunglasses [3374-Views]
A Delicate Craft by Lindberg [3309-Views]
Etihad Cargo Boosts China Capacity with Additional Shanghai Freighter Service [2940-Views]
More Events Target Clients on 3rd day of 6th Dubai Customs Week [2882-Views]
Abu Dhabi Distribution Company Unveils AED 20 Million Investment to Reduce Electricity Con... [2845-Views]
Dubai's First Accredited Centre of Excellence in Endometriosis, Emerges at Medcare Women &... [2825-Views]
myAster – Region's 1st Integrated Healthcare Platform crosses 352k Downloads since Phase I... [2685-Views]
Discussed and On Display: Digital Innovations and Protective Clothing in Focus on Final Da... [2677-Views]
Sunday Market Brunch at Le Gourmet gets Chinese Twist on Jan 22 [2669-Views]
Adnoc Distribution to Decarbonize Operations and Reduce Carbon Intensity by 25% by 2030 [2644-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories