The LG Home Appliance & Air Solution Company generated first-quarter revenues of KRW 8.02 trillion with an operating profit of KRW 1.02 trillion. The business unit recorded its highest first-quarter revenues, with operating profit exceeding KRW 1 trillion sales for the first time. “Continuous growth was driven largely by the rapid expansion of the B2B segment, fueled by sales of energy efficient heat pump-enabled products as well as energy storage systems – the company comments –. LG’s industry-leading heating, ventilation and air conditioning (HVAC) solutions for homes and businesses deliver strong performance and energy efficiency that reflect current European market trends based on tighter environmental regulations”. The company will focus on maintaining competitiveness of its premium appliances as well as strengthening its mass-tier appliance lineup in response to polarization of market demand, along with managing cost structure to enhance profitability. The appliance business expects to see continued growth by focusing on the expanding B2B segment and accelerating the service segment including the rental and care service business, which has reached an average annual growth rate of 30 percent in South Korea over the past 5 years.
