LG sees 65% surge in Q2 profit thanks to appliances and TVs

LG's TV operation stabilised following last year's downturn due to the pandemic, while its car component business unit doubled its sales year-on-year.

LG Electronics saw its operating income during the second quarter jump 65%, thanks to strong sales of appliances in the global market.

The South Korean electronics maker also announced that earnings from its mobile operation would no longer be included in its quarterly earnings report going forward with the business set to end this month.

LG said it recorded 17.11 trillion won in sales and 1.11 trillion won in operating income during the second quarter, which were surges of 48.4% and 65.5%, respectively, from the previous year. The Q2 sales figure is LG's highest for a quarter to date, with strong sales of home appliances and consumer electronics outside of South Korea being what carried the growth, LG said.

Its home appliance business contributed 653.6 billion won in operating income, over half its total operating income for the quarter.

Meanwhile, its TV business earned 333.5 billion won in operating income, triple that of the previous year, thanks to the global TV market recovering from the drop in 2020 sparked by pandemic store closures.

LG's vehicle component solutions business recorded a 103.2 billion won operating loss but sales doubled from the previous year.

The South Korean company also said it was seeing increases in demand for parts in electric vehicles.

Earlier this week, LG announced the formation of a joint venture with Magna International that will supply electric powertrain components to the automobile industry. The company also announced that it would shortly begin selling iPhones at its stores in South Korea.

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