LG Electronics announces the second quarter 2022 report, which turns out to be the best second quarter in the company’s history. Growth in key markets for home appliances and a large increase for automotive components pushes the company to record results.
LG announces the second quarter 2022 report
LG recorded a turnover of 19.5 trillion won sudcoreyears (€ 14.7 billion) in the second quarter of 2022. We are talking about an increase of 15% compared to the same period last year. But this does not stop a 12% drop in operating profitwhich is attested to 792.2 billion won (596.7 million euros). Supply chain problems and higher logistics costs justify this impact.
To meet these challenges, LG is selling in both premium and mass markets, targeting both direct sales to consumers and components.
The Department LG Home Appliance & Air Solution Company has registered 8.07 trillion won (6 billion euros), quarterly record for a division of the company. Operating profit was 432.2 billion won (325.5 million euros). Revenues grew 18% over last year, largely thanks to premium products sold in North and South America.
The company LG Home Entertainment Company cash out 3.46 trillion won (2.6 billion euros), with an operating loss of 18.9 billion (14.2 million euros). But it must be said that many TV and soundbar products are coming to certain markets now, with the company focusing on selling before the World Cup and during the holidays.
Great growth for LG Vehicle component Solutions Company with revenues of 2.03 trillion won (1.5 billion), a 19% increase compared to the same period of 2021. This is the first time that the business unit is profitable, also due to the recovery of the automotive market.
LG Business Solutions Company records revenues of 1.54 trillion won (1.16 billion euros) with an operating profit of 14.3 billion won (10 million euros). An increase of 19%, the best performance together with that of auto components.
Furthermore the company confirmed the closure of the solar panel department, which he treats as a loss for discontinued operations in the financial statements. You can learn more on the official website.