LG Electronics today reported Q1 2021 earning results that ended March 31, 2021 for which is reported revenue of 18.81 trillion won (US$ 16.90 billion), up 27.69% YoY and the highest quarterly results in the company’s history with 1.51 trillion won operating profit, up 39% YoY, which is a first-quarter record for the company. This is due to strong LG home appliances and home entertainment product sales as consumers around the world continue to spend more time at home.
Mobile Communications sector reported 998.70 billion won (US$ 897.18 million) revenue, similar levels to the same period last year as new models were not launched and operations centred around existing models. It reported. Operating loss was 280.1 billion won compared to a loss of 237.8 billion won a year ago, which deteriorated 28 percent from the same quarter a year ago due to the lack of new products in light of the public announcement earlier this month that LG will exit the smartphone business at the end of July.
Resource input was minimized as possible close of business was reviewed,
but operating loss increased year-on-year with the reduced sales of premium products and decreased selling price due to sales focusing on existing models.
LG already said that expects to end all sales activities at the end of July,
and plan the redeployment of personnel, liquidation of tangible and intangible assets, compensation for business partners and suppliers and service support for customers
Profit and loss for discontinued operations – including a breakdown of continuing and discontinued operations – will be included in the second quarter results, said LG.