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LG Electronics Q1 net nearly doubles on strong home appliance, TV sales

All News 15:26 April 29, 2020

SEOUL, April 29 (Yonhap) -- LG Electronics Inc. said Wednesday its first-quarter net profit nearly doubled from a year earlier on the back of strong sales from its home appliance and TV businesses despite the novel coronavirus outbreak that crippled plant operations around the globe.

South Korea's No. 2 tech firm said it logged a net profit of 1.08 trillion won (US$886 million) in the January-March period, compared with 578 billion won a year earlier.

The company's operating income advanced 21.1 percent on-year to 1.09 trillion won in the first quarter, though sales declined 1.25 percent on-year to 14.73 trillion won.

It marked the second time that its quarterly operating profit exceeded 1 trillion won. LG said its 7.4 percent operating margin was the highest ever for a first quarter in its history.

This photo, taken on April 7, 2020, shows the outdoor signage of LG Electronics Inc. at the company's headquarters in Seoul. (Yonhap)

kdon@yna.co.kr
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