LG Electronics Inc. (LG) has announced its preliminary earnings results for the first quarter of 2023.
The company reported revenues of KRW 20.4 trillion, which is the second highest quarterly revenue, along with an operating profit of KRW 1.5 trillion, which is the third highest quarterly operating profit.
Despite challenging global economic conditions, LG's record sales reflect the company's radical improvement in managing its business structure and operational methods. The profitability of the company substantially increased this year, mainly due to the positive impact of the royalty income compared to the operating profit of the first quarter of last year.
The company's automotive parts business is growing rapidly, with its B2B segment expanding continuously. Furthermore, non-hardware business areas such as software platforms, content, services, and solutions, as well as the Online Brand Shop (OBS), are achieving significant growth.
LG's supply of energy-efficient products such as heat pumps and Energy Storage Systems (ESS) is meeting customers' needs. The company is also responding to ever-changing market trends and maximizing customer value by strengthening its mass-tier lineup.
These figures are tentative consolidated earnings based on K-IFRS, provided as a service to investors prior to LG Electronics' final earnings results, including net profit. Details regarding each division will be officially announced later this month.
