Good performance for Lg premium appliances



Lg has just communicated the financial results for the first quarter 2016, during which the company recorded an operating profit of KRW 505.2 billion (USD 420.25 million), a 65.5% increase from the same period in 2015 on sales of KRW 13.36 trillion (USD 11.12 billion). The best performance was recorded by Lg Home Appliance & Air Solution Company, that reached KRW 407.8 billion (USD 339.23 million) in operating income for the quarter, and sales of KRW 4.22 trillion (USD 3.51 billion) with an increase of 4% year-on-year due in large part to higher premium product sales and growth in its B2B operations. Operating profit and operating margin of 9.7 percent were the highest in the history of Lg home appliances. Regarding the other sectors, Lg Home Entertainment Company earned KRW 335.2 billion (USD 278.84 million) in operating profit, both up significantly from the first quarter of 2015. The Lg Mobile Communications Company posted an operating loss of KRW 202.2 billion (USD 168.20 million) primarily due to increased marketing expenditures for the new Lg G5 flagship smartphone.