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(LEAD) Home appliances, one-off gains drive LG Electronics' record Q1 profit, sales

It 15:19 April 28, 2022

(ATTN: ADDS more details last 7 paras, photo)

SEOUL, April 28 (Yonhap) -- LG Electronics Inc. on Thursday said its first-quarter operating profit rose 6.4 percent from a year ago, fueled by sales of premium home appliances and one-off gains from patents licensing.

Its operating income came in at a quarterly record of 1.88 trillion won (US$1.56 billion), marking a 6.4 percent year-on-year rise.

Sales increased 18.5 percent to 21.1 trillion won in the January-March period, surpassing the market expectations and also marking the quarterly record for the company.

The file photo provided by LG Electronics Inc. on Feb. 22, 2022, shows a digital billboard advertising LG OLED TVs at Times Square in New York. (PHOTO NOT FOR SALE) (Yonhap)

Net income jumped 19.8 percent on-year to 1.4 trillion won.

Its home appliance division logged quarterly record sales of 7.97 trillion won, with an operating profit of 447 billion won.

Sales jumped 18.8 percent from a year ago, riding on the popularity of LG's high-end consumer products and new appliance categories, the company said.

Its TV business earned 4.06 trillion won in sales and 188.4 billion won in operating profit, thanks to growing demand for premium OLED and large-screen TVs in Europe and North America, according to the company.

Its vehicle component solutions division also improved its performance, with sales rising 8.5 percent on-year, as its customers made "a preemptive response to the shortage of automotive semiconductors, LG said.

But the division is still making a loss. LG said the unit's first-quarter operating loss narrowed to 6.3 billion won.

The company did not disclose details of its one-off profits from patents, citing the confidentiality clause on contracts.

The photo shows the company logo of LG Electronics Inc. in front of its headquarters in Seoul on April 7, 2022. (Yonhap)

jaeyeon.woo@yna.co.kr
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