LG’s house equipment enterprise hits document revenue in first quarter regardless of financial downturn
LG Electronics’s house equipment enterprise unit recorded its highest working revenue to this point for the primary quarter this yr regardless of the worldwide financial downturn.
The South Korean electronics maker mentioned on Thursday that it recorded 20.41 trillion received in income and 1.49 trillion received in working revenue for the primary quarter of 2023.
Its house equipment enterprise, which sells fridges, washing machines and air conditioners, contributed 1.02 trillion received in working revenue.
It’s the enterprise unit’s highest working revenue determine to this point and comes at a time when demand for client electronics has soured as a result of international financial downturn.
The South Korean firm mentioned it provided environmentally pleasant merchandise to Europe and developed markets in response to elevated laws to attain development.
LG credited its battle room process power that aimed to alter the way it operates to the excessive revenue amid uncertainties.
The South Korean firm additionally added that its business-to-business operations had been seeing income development.
Its pocket book, akin to LG Gram, confirmed excessive gross sales to colleges in the course of the quarter whereas demand for its parts elevated from automobile makers as they proceed to shift in direction of electrical automobiles, LG Electronics mentioned.
In the meantime, the corporate’s TV enterprise contributed 0.2 trillion received in working revenue. LG Electronics mentioned demand for TVs was sluggish in the course of the quarter attributable to geopolitical causes nevertheless it centered on providing content material and providers by means of its webOS platform to make the enterprise unit worthwhile.