Seoul, April 5 (TASR) – South Korean conglomerate LG Electronics saw its operating profit decline by 11% year-on-year in the first quarter of 2024. The decline was primarily attributed to high material costs and intensifying competition. However, despite the profit drop, LG Electronics still managed to surpass the 1 trillion won mark for the fifth consecutive year in the first three months, while also achieving record revenue.
LG Electronics Operating Profit
LG Electronics’ operating profit in Q1 reached 1.33 trillion won (909.4 million euros), which is 11% lower than the previous year. The company stated that the decline was mainly due to increased input material costs and rising competition. Nevertheless, the results roughly matched analysts’ estimates, and the company achieved an operating profit above 1 trillion won for the fifth consecutive quarter.
LG Electronics Record Revenue
LG Electronics’ revenue in Q1 grew by 3.3% to 21.09 trillion won. This is the best quarterly revenue result in the company’s history.
Conclusion – LG Demonstrates Stable Growth
Although LG Electronics’ operating profit declined in Q1, its revenue reached a record high. This shows that the company is still demonstrating stable growth despite challenging market conditions.
LG Electronics Q1 2024 Statistics:
Operating Profit (1 EUR = 1462.46 KRW):
- 1.33 trillion won (909.4 million euros)
- 11% year-on-year decline
Revenue:
- 21.09 trillion won
- 3.3% year-on-year growth
- Record high in Q1
Other Statistics:
- Net profit: 881.4 billion won (607.5 million euros)
- Operating margin: 6.3%
- Home Appliance division revenue: 12.76 trillion won
- Mobile Communications division revenue: 6.24 trillion won
- LG Business Solutions division revenue: 2.09 trillion won
