LG announced its financial results for the first quarter of this year. The first quarter of 2021 was the quarter in which the company earned the highest earnings in history.
LG Electronics has released its first quarter earnings reports for 2021, ending March 31, 2021. The company had its best first-quarter earnings ever, with $ 16.90 billion in revenue and $ 1.36 billion in profit.
Mobile division closed 24th consecutive quarter with a loss
The company, which achieved 27.7% revenue and 39.1% profit increase compared to the first quarter of the previous year, explained in detail how much income or loss it experienced from which departments.
LG generated $ 6.03 billion in revenue from its white goods and air conditioning solutions division, up 23.8% compared to the first quarter of 2020. The company made a profit of $ 826.39 million from this division.
In the home entertainment systems division, the company generated revenue of $ 3.60 billion, up 34.9% compared with the first quarter of last year, and a profit of $ 362.75 million, up 23.9%.
One of the sections that LG suffered losses was the mobile section, which it announced to close. An operating loss of $ 251.63 million was reported in the section, which generated $ 897.18 million in revenue. Following these results, there was a company loss in the mobile segment for the last 24 quarters.
Along with the mobile section, the other section that caused damage to the company was the automotive supplies department. The company said that while generating $ 1.70 billion in revenue in the vehicle component solutions segment, they lost $ 629 thousand.
LG reported revenues of $ 1.67 billion and profits of $ 120.38 million in the professional products segment.