Empire Asset Investments Closely Follows LG Electronics' As Their 1st Quarter profit soars 96 fold
Online PR News – 04-May-2016 – New York – This Month LG Electronics Inc has reported a stunning jump in its first-quarter earnings. The South Korean company said on Thursday it earned 191 billion won ($A220 million) in the January-March period, compared with 2 billion won a year earlier.
The results were its best since mid-2014. Operating profit jumped 66 per cent to 505 billion won even as sales weakened 5 per cent to 13.4 trillion won.
The big jump shows that LG's efforts to polish its reputation as a premium home appliance maker are paying off. LG's high-end refrigerators, washing machines and other home appliances contributed most to its bottom line while premium TVs made of advanced displays called OLED also improved its margin.
Mobile business however lost money due to marketing expenses to promote the new G5 smartphone. In this day and age LG are not in the running for the mobile market but there making leaps and bounds in high-end appliances and the solid sales figures prove this stated Lee Goodman Investment analyst for Empire Asset Investments.