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Investing.com -- South Korean consumer electronics giant, LG Electronics, on Thursday reported a higher net profit in the first quarter of the year, outperforming market expectations.
The company’s earnings demonstrated resilience amidst challenges and a delayed recovery in demand for home appliances and televisions.
The company’s first-quarter net profit was reported to be 875.60 billion won, equivalent to $613.4 million.
This figure represents a 50% increase from the same period last year and a swift recovery from the net loss recorded in the previous quarter.
Market analysts had anticipated a net profit of 671.09 billion won for the quarter, based on a consensus forecast compiled by FactSet. LG Electronics’ actual earnings significantly surpassed this estimate.
The company’s revenue for the first quarter also saw an increase, rising 7.8% from a year ago to 22.740 trillion won. In contrast, the operating profit experienced a decline of 5.7%, falling to 1.259 trillion won.
Both these figures are mostly consistent with the company’s preliminary forecasts.
Despite the current challenges, LG Electronics continues to explore new growth initiatives. The company is particularly focusing on its heating, ventilation and air-conditioning services.
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