The FINANCIAL -- LG Electronics Inc. (LG) reported consolidated global sales of KRW 15.02 trillion (USD 13.9 billion) and operating profits of KRW 771 billion (USD 715.1 million) for the second quarter of 2018. Second-quarter sales rose 3.2 percent while operating profits increased 16.1 percent from the same period last year. Strong profitability from home appliances and air solutions and premium home entertainment products offset second-quarter operating losses from vehicle components and mobile communications.
First-half 2018 sales and operating profits were at all-time record highs. Revenues increased 3.2 percent from the 2017 first half to KRW 30.14 trillion (USD 28 billion) and operating income rose 18.5 percent to KRW 1.88 trillion (USD 1.7 billion). In light of uncertainties surrounding market conditions, competition and the international trade landscape going forward, LG enters the second half with an intense focus on cost competitiveness and profitable growth.
2018 2Q Exchange Rates Explained
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending June 30, 2018. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,078.20 per USD.
Earnings Conference and Conference Call
LG Electronics will hold an English language conference call on July 27, 2018 at 09:00 Korea Standard Time (12:00 GMT/UTC). Participants for the English conference call are instructed to call +82 31 810 3061 and enter the passcode 9084#. The corresponding presentation file will be available for download at the LG Electronics website (www.lg.com/global/ir/reports/earning-release.jsp) at approximately 16:00 on July 26, 2018. Visit http://pin.teletogether.com/eng and pre-register with the passcode provided. For those unable to participate, an audio recording of the news conference will be available for a period of 30 days after the conclusion of the call. To access the recording, dial +82 31 931 3100 and enter the passcode 142910# when prompted.