LG is the latest company to announce its financial results for the first quarter of 2020, the company has overall revenue of KRW 14.73 trillion (USD 12.45 billion) and operating profit of KRW 1.09 trillion (USD 921.47 million).
LG saw a decline in revenue in the quarter over the same time last year, it operating income improved by 21.1 percent over the same quarter, the company has a 7.4 percent operating margin which is their highest for a first quarter.
The LG Home Appliance & Air Solution Company reported first-quarter revenues of KRW 5.42 trillion (USD 4.58 billion) and operating profit of KRW 753.5 billion (USD 636.8 million). Revenues were virtually unchanged from the first quarter last year, the effect of softer global demand during the pandemic offset by higher sales in Korea of steam appliances such as washers, dryers, dishwashers and the LG Styler clothing care system, reflecting consumer interest in health and hygiene. Operating profit (3.6 percent higher than the same period last year) and operating margin were the highest in LG’s history, benefitting from cost-reduction efforts and increased interest in premium products.
You can find out more details about LG’s financial results for the first quarter of 2020 over at their website at the link below.