LG Electronics released its preliminary earnings results for the second quarter of 2020. The Korean company posted tentative consolidated revenue of KRW 12.8 trillion (US$ 10.64 billion) in the second quarter of 2020 with an operating profit of KRW 493.1 billion (US$ 409.77 billion).
(Image: LG)
Comparing to the number last year, LG said the sales of 2Q20 is expected to drop by 17.9% and operating income also decreased by 24.4% YoY. Comparing to the previous quarter, 2Q20 revenue would decrease by 13% and operating profit down by 54.76%.
In 1Q20, LG broke its record of operating margin for the first quarter, reaching 7.4% with a profit of KRW 1.09 trillion (USD 905.79 million). The increased profit came from the company’s home appliance as well as home entertainment division.
The company expected that the launch of its 5G smartphone in Korea in the second quarter may enhance online sales initiatives. Details of the financial results of each division will be announced later in July.