LG logo appears at LG Twin Tower in Seoul, Thursday. Yonhap
LG Electronics on Thursday reported an operating profit of 1.58 trillion won ($1.10 billion) and revenue of 23.8 trillion won ($16.56 billion) in the second quarter, both record highs for an April-June period despite persistent challenges in its business environment.
The company said in its regulatory filing that the second-quarter operating profit grew 147 percent from a year earlier, while sales improved 14.9 percent during the same period.
The company attributed the strong performance to the continued growth of its home appliance business, despite unfavorable external conditions such as the conflict in the Middle East. It added that major sporting events and continued growth in its vehicle solutions business also contributed to higher overall sales.
Operating profit more than doubled as the share of high-value-added products increased and cost competitiveness improved across the business, while tariff refunds on exports to the United States made last year were recognized as one-off gains.
