{"id":12613,"date":"2017-04-27T11:42:17","date_gmt":"2017-04-27T10:42:17","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12613"},"modified":"2017-04-27T14:03:45","modified_gmt":"2017-04-27T13:03:45","slug":"lg-electronics-q1-net-profit-more-than-quadruples","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/lg-electronics-q1-net-profit-more-than-quadruples\/","title":{"rendered":"LG Electronics Q1 net profit more than quadruples"},"content":{"rendered":"

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.<\/p>\n

The firm\u2019s net profit in the January-March period reached 835.7 billion won (US$739.4 million), up 322 percent from 198.1 billion won in the same period last year, the company said in a statement.<\/p>\n

The company is South Korea\u2019s 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.<\/p>\n

Operating profit during the period was 921.5 billion won, up 82.4 percent.<\/p>\n

LG attributed the performance to strong sales of home appliances \u2014 especially at home, across Asia and Latin America.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Domestic appliance sales jumped 33 percent on-year \u201cdriven by the strong performance in TWINWash washing machine, air conditioners, bottom freezer refrigerators\u201d while overseas performance was boosted by \u201cexpanding sales of new premium products\u201d.<\/p>\n

Looking ahead, the firm said it expects \u201ca high-single digit increase in revenue\u201d in the second quarter, led by home appliances.<\/p>\n

Domestic demand for air conditioners, refrigerators and other items was entering \u201cpeak season\u201d, it said.<\/p>\n

AFP<\/p>\n","protected":false},"excerpt":{"rendered":"

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. 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