LG: premium appliances and new products drive the growth

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LG Electronics announced first-quarter 2022 consolidated sales of KRW 21.11 trillion (USD 17.53 billion). Operating profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by royalty income, partially offset by a one-time workforce restructuring cost. Compared with the first quarter a year ago, revenues grew by 18.5 percent and profitability soared by 6.4 percent, reflecting very strong demand for LG home appliances. The LG Home Appliance & Air Solution Company generated first-quarter sales of KRW 7.97 trillion (USD 6.62 billion), with operating profit of KRW 447.60 billion (USD 371.68 million). Sales increased 18.8 percent from the same quarter last year, recording the business unit’s highest quarterly revenue. Stable growth was driven largely by strong performance in premium appliances and new categories such as hygiene products applied with steam technology.