S.Korea’s LG Electronics logs record-high earnings in Q1

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SEOUL, April 7 (Xinhua) — LG Electronics, South Korea’s tech behemoth, logged its record-high earnings in the first quarter as the COVID-19 pandemic prompted demand for home appliances, the company said Wednesday.

Preliminary figure for operating profit reached a new high of 1.52 trillion won (1.4 billion U.S. dollars) in the January-March quarter, up 39.2 percent from a year earlier.

It surpassed the previous record of 1.24 trillion won (1.1 billion U.S. dollars) tallied in the second quarter of 2009.

Revenue soared 27.7 percent over the year to 18.8 trillion won (16.8 billion U.S. dollars) in the first quarter, marking the highest-ever reading in the company’s history.

Net income and detailed earnings on each business unit will be announced later this month.

The record earnings were attributed to the prolonged pandemic that led the demand to boom for consumer electronics.

The company’s mobile phone unit was estimated to have recorded a deficit in the first quarter. The deficit continued since the second quarter of 2015.

LG decided earlier this week to withdraw from its mobile phone business by the end of July owing to the protracted underperformance. Enditem

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