LG Home Appliance Company revenue dips

28 Jul, 14

Second quarter down 5% but growth in Korea and product launches to drive revenue

LG Home Appliance Company has reported a second quarter revenue of KRW 3.03trillion (USD 2.94billion), which was 5% lower compared with the same period.

The appliance manufacturer has cited unfavourable foreign currency exchange, particularly in emerging markets, affecting its revenue.

However, LG Home Appliance Company reported strong sales in its native Korean market, with sales up 9% from the same quarter the previous year.

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An improvement in cost structure resulted in the LG Home Appliance Company recording operating profit of KRW 97.8billion (USD 95million) and profit margin of 3.2%.

LG expects revenues and profitability for home appliances to increase in the second half due to the launch of washing machines, refrigerators and the effect of cost reductions.

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