LG Electronics Inc. announced its financial results for the first quarter with consolidated sales of KRW 15.1 trillion ($14.1 billion), an increase of 3.2%, compared to KRW 14.6 trillion ($14.0 billion) in Q1 2017. Net income for Q1 2018 was KRW 729.9 billion ($680 million), a decrease of 105.8%, compared to KRW 835.7 billion ($780 million) in Q1 2017.
In first quarter of 2018, LG Electronics has made significant growth in sales in most of its business segments except mobile communication (MC) and vehicle components (VC).
Home Entertainment (HE) grew to KRW 4.1 trillion ($3.8 billion) from KRW 3.8 trillion ($3.5 billion), an increase of 7.4% due to strong sales of premium products such as LG OLED TVs and Super UHD TVs. The B2B segment which consists of Information Display (ID) and the solar module business, recorded significant growth of 23.7% due to growth of large screen signage and high performance solar modules and sales grew from KRW 519.4 billion ($480 million) to KRW 642.7 billion ($600 million).
In Q1 2018, the MC and VC business unit recorded sales of KRW 2.1 trillion ($2.01 billion), a decrease of 27% and KRW 840.0 billion ($780 million), a decrease of 0.8% respectively, compared to the same period of previous year. The home appliance & air solution business unit (H&A) grew by 9.3% and recorded sales of KRW 4.9 trillion ($4.6 billion), compared to KRW 4.5 trillion ($4.2 billion) on Q1 2017.
LG expects to see positive results in each segment in Q2 2018.
