LG Electronics said Thursday it has recorded its highest-ever first-quarter sales, driven by growth in its business-to-business sector, including the vehicle components and heating, ventilation, and air conditioning businesses. The tech giant reported sales of 22.74 trillion won ($15.9 billion) and an operating profit of 1.26 trillion won. This marks the first time the company’s first-quarter sales have surpassed 22 trillion won, setting a new record. LG’s first-quarter performance barely met local analysts’ expectations. According to the earnings consensus compiled by market intelligence firm FnGuide, sales were projected to be 22.74 trillion won, and operating profit was expected to be 1.26 trillion won. Net profit also surged to 875.6 billion won, up 49.6 percent from the same period last year. LG attributed the robust performance to its B2B-focused business sectors and qualitative growth areas, including subscription models, webOS platforms and direct-to-consumer sales. The combined operating profit of the vehicle solutions business unit and the electronics solutions unit, which is responsible for HVAC systems, rose 37.2 percent on-year, with a 12.3 percent increase in revenue. The home appliance solution business, LG’s traditional cash cow, also delivered record quarterly revenue by accelerating business model transformation through subscription-based services and D2C channels. From the second quarter onward, changes in global trade policies are expected to become more visible, leading to heightened uncertainty and intensified market competition. The tech giant plans to respond to the evolving market environment by expanding its lineup of new models while accelerating efforts in subscription and online businesses to maintain its growth.     (ICE SEOUL)

Fonte notizia: The Korea Herald