LG Electronics' Second Quarter Performance Surpassed Expectations and Set Records

TapTechNews July 5th news, according to Yonhap News Agency, LG Electronics released a performance report today. It was initially verified that the company's operating profit in the second quarter increased by 61.2% year-on-year to 1.2 trillion Korean won (TapTechNews note: currently about 6.325 billion yuan).

Sales increased by 8.5% year-on-year to 21.7 trillion Korean won (currently about 114.381 billion yuan). Both operating profit and sales set the highest record in the same period of previous years.

The second-quarter performance of LG Electronics exceeded market expectations. Data released by the expectations of 5 securities companies showed that the market generally predicted that LG Electronics' operating profit in the second quarter would increase by 41.01% year-on-year to 1.05 trillion Korean won; sales would increase by 7.48% year-on-year to 21.49 trillion Korean won.

For the overall performance in the first half of the year, the sales of LG Electronics exceeded 40 trillion Korean won for 3 consecutive years, and the operating profit exceeded 2 trillion Korean won for 4 consecutive years, increasing by 5.9% and 13% year-on-year respectively.

LG Electronics stated that the brilliant performance in the second quarter was mainly due to the home appliance business and B2B business achieving coordinated growth. With the arrival of the seasonal peak season, the sales of air conditioning products increased significantly, promoting the performance growth of the household appliances department, and in addition, B2B businesses such as the home appliance subscription service continued to grow.

Earlier this week, LG Electronics announced that it had acquired 80% of the shares of the smart home platform company Athom based in Enschede, the Netherlands, and will acquire the remaining 20% in the next three years.