LG Electronics highest-ever Q2 revenue of A$21.39 billion reflect strong sales for LG home appliances in key regions. However, operating profit of A$868.1 million was 12% lower from the same quarter last year, largely due to supply chain challenges and higher logistics costs.
The LG Home Appliance & Air Solution Company reported revenue of A$8.84 billion, a first for an LG single business unit to exceed quarterly revenues of A8.76 million. Revenue increased 18% from the second quarter a year ago, mainly driven by sales of premium appliances and new categories such as hygiene products using steam technology.
With the business impact of the evolving state of the pandemic and economic conditions, LG is leveraging its comprehensive business portfolio, expanding sales from premium to mass-tier products.
The company also stated that the LG Home Entertainment strategy will centre on effectively managing marketing expenses and growing the premium TV segment, particularly around peak selling seasons including the FIFA World Cup.