LG Electronics has been significantly affected by the global impact caused by the pandemic: this is what emerged from the latest financial results announced today and relating to the second quarter of 2020.
Division is keeping up LG Mobile Communications Company, which recorded an increase in sales of 31.1% compared to the first quarter of the year. The significant improvement, the company says, is due in part to the reopening of the markets after the lockdown. Operational loss also decreased ($ 169.10 million): both the efficiency of the marketing department and greater cost control were the only ones to limit the damage.
The South Korean company also claims to focus heavily on Velvet, reviewed on FreeTechTips in recent weeks, which will serve to further increase the brand's sales and profitability.
In detail, here are all the losses recorded by the Korean company:
- Consolidated revenue: -17.9% over the same period of 2019 ($ 10.51 billion)
- Operating profit: -24.1% compared to the second quarter of last year ($ 405.65 million)
- LG Home Appliance & Air Solution Company Revenues: – 15.5% over the same period of 2019 ($ 4.22 billion)
- LG Home Appliance & Air Solution Company operating income: -12.5%, although the operating profit margin of 12.2% was the highest second quarter result in the history of LG H&A Company
- LG Home Entertainment Company sales: -24.4% compared to 2019. These data, says LG, were affected by the restrictive measures of the lockdown, including the closure of electronics stores. The operating income of the same division also fell by -25.9%
- LG Vehicle Component Solutions Company: -40% of quarterly revenue ($ 746.95 million) and operating loss of over $ 165 million
- LG Business Solutions Company: -12.6% of sales (1.07 billion dollars). Operating profit also drops, now to $ 80.49 million.
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