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LG 1Q Appliance Sales Down 3%
Apr 30, 2014
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LG Electronics’ first quarter 2014 net profits were up 319% from the first quarter 2013. First-quarter 2014 net profit was KRW 92.60 billion (approx. USD $86.62 million). Operating profit in 1Q 2014 was KRW 504 billion (approx. $471.47 million). Unaudited 1Q 2014 consolidated revenues were KRW 14.27 trillion (approx. $13.35 billion) up 1.2% from 1Q 2013.

LG Home Appliance Company’s overall sales of KRW 2.72 trillion (approx. $2.54 billion) were down 3% from 1Q 2013 and were down 4% from the previous quarter.

LG Home Appliance’s 1Q 2014 sales within the domestic Korean market were up 9% from 1Q 2013 thanks to a larger share of premium refrigerator sales as well as stronger sales in small-sized washing machines

Overseas sales were down as a result of stronger competition in North America and currency impacts in developing markets such as Central and South America, Southeast Asia, and India.

Despite lower sales, LG Home Appliance’s improved cost structure resulted in 1Q 2014 operating profit of KRW 109.20 billion (approx. $102.15 million) and a profit margin of 4%. LG expects revenues for home appliances to increase with the planned launch of new washing machines and refrigerators.

LG Air Conditioning & Energy Solution Company saw strong sales of commercial air-conditioners in overseas markets. Revenues in 1Q 2014 were KRW 1.22 trillion (approx. $1.14 billion). Operating profit was KRW 89.8 billion (approx. $84 million), up almost 10% from 1Q 2013.

LG Air Conditioning expects revenue and profitability to improve with more sales of commercial air-conditioners and increasing Korean demand for new products such as dehumidifiers and air purifiers.

Other LG businesses include LG Home Entertainment Company, making TVs, and LG Mobile Communications Company, making mobile phones.

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