LG Home Appliance & Air Solution: revenues unchanged

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The LG Home Appliance & Air Solution Company reported revenues of KRW 5.42 trillion (USD 4.58 billion) and operating profit of KRW 753.5 billion (USD 636.8 million) in the first quarter 2020. Revenues were virtually unchanged from the first quarter last year, the effect of softer global demand during the pandemic offset by higher sales in Korea of steam appliances such as washers, dryers, dishwashers and the LG Styler clothing care system, reflecting consumer interest in health and hygiene. Operating profit (3.6 percent higher than the same period last year) and operating margin were the highest in LG’s history – as communicated by the company – benefitting from cost-reduction efforts and increased interest in premium products.