During the first-quarter 2022, LG Electronics achieved 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. 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, instead, 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.