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LG Electronics Shatters Q2 Records with 61% Profit Surge

Philip Lee profile image
by Philip Lee
LG Electronics Shatters Q2 Records with 61% Profit Surge
Source: LG Electronics

Seoul, South Korea - LG Electronics Inc (066570. KS) reported its Q2 financial preliminary result, beating market expectations.

The company's consolidated revenue for Q2 was KRW 21.7 trillion ($15.73 billion), up 8.5% year over year. 

Operating profit surged 61.2% to KRW 1.19 trillion ($862.5 million), the first time it exceeded KRW 1 trillion in the second quarter.

Key financial metrics:

  • H1 revenue: KRW 40 trillion for the third consecutive year
  • H1 operating profit: Exceeded KRW 2 trillion for the fourth consecutive year

LG's home appliance and air solutions businesses outpaced industry growth, with the air solutions segment contributing significantly to the strong performance.

The vehicle component solutions business focuses on premium product sales and preparing for future technologies like software-defined vehicles.

The company's B2B sector, particularly in HVAC and vehicle components, continues to drive growth. LG is also expanding its subscription-based business model, which spans 22 products.

Despite challenges from rising LCD panel prices, LG's home entertainment sector is seeing a gradual rebound in premium OLED TV sales in advanced markets.

LG did not provide specific guidance but noted that substantial European sports momentum is anticipated to create more opportunities in its home entertainment sector.

These preliminary results are based on K-IFRS and are subject to change. 

Detailed divisional performance will be announced later this month.

($1 = KRW 1,379.66)

 

Philip Lee profile image
by Philip Lee

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