Like many other companies, LG has posted its earnings results for the first three months of calendar year 2021 this week, which in LG"s case is also the first quarter of its fiscal year. Even though this is the quarter after the holiday season, LG managed to increase both its revenue and profit from the previous quarter, to 18.81 trillion won ($16.90 billion) and 1.52 trillion won ($1.36 billion), respectively. Not only is that an increase from the last quarter, but those are the highest quarterly results LG has ever posted.
As to what contributed to those numbers, the LG Home Appliance & Air Solutions Company continues to be its biggest division, posting 6.71 trillion won ($6.03 billion) in revenue, up 23.8% from the same period last year. Operating profit was 919.90 billion won ($826.39 million), which is 22.1% higher compared to last year.
The LG Home Entertainment Company - responsible for LG TVs and soundbars - was its second-biggest division, with 4.01 trillion won ($3.60 billion) in revenue and 403.80 billion won ($362.75 million) in operating profit. Those numbers are up 34.9% and 23.9%, respectively, from the previous year.
The last division to post a profit was the LG Business Solutions Company, which saw a 9.1% increase in revenue year-on-year to 1.86 trillion won ($1.67 billion). Profits, however, went down to 134 billion won ($120.38 million) due to increasing costs of LCD panels and semiconductors.
The LG Vehicle Component Solutions Company saw a whopping 43.5% increase in revenue from the past year, reaching 1.89 trillion won ($1.7 billion). The division still didn"t turn a profit, however, and lost 700 million won ($629,000), though it did lower its losses.
And finally, we have the soon-to-be-defunct LG Mobile Communications Company. With LG preparing to shut down its mobile division - a move announced shortly after the fiscal quarter ended - it didn"t release any new products in this time. It posted 998.70 billion won ($897.18 million) in revenue in this quarter, and operating loss dropped 28% to 280.10 billion won ($251.63 million) thanks to its decreased investment. LG says it will include profits and losses for its discontinued operations in its second-quarter results.