South Korean appliance giant LG Electronics saw net profits more than quadruple in the first quarter of the year, it said Thursday, on the back of strong sales in Asia and Latin America.
The firm’s net profit in the January-March period reached KRW 835.7 billion ($739.4 million or roughly Rs. 4,725 crores), up 322 percent from KRW 198.1 billion in the same period last year, the company said in a statement.
The company is South Korea’s second-largest electronics firm after Samsung, producing a range of products, from mobile phones to televisions and home appliances including air conditioners, washers and refrigerators.
Operating profit during the period was KRW 921.5 billion (roughly Rs. 5,210 crores), up 82.4 percent.
LG attributed the performance to strong sales of home appliances – especially at home, across Asia and Latin America.
Domestic appliance sales jumped 33 percent on-year “driven by the strong performance in TWINWash washing machine, air conditioners, bottom freezer refrigerators” while overseas performance was boosted by “expanding sales of new premium products”.
Looking ahead, the firm said it expects “a high-single digit increase in revenue” in the second quarter, led by home appliances.
Domestic demand for air conditioners, refrigerators and other items was entering “peak season”, it said.