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LG Electronics Inc. (LG) second-quarter 2020 financial results were highly impacted by the worldwide fallout of the pandemic.
The company’s consolidated revenue of $10.51 billion was 17.9 per cent lower than that achieved in the same period of 2019, while its operating profit of $405.65 million declined by 24.1 per cent from last year’s record second-quarter operating income.
The company managed its supply chain and cost structure to weather the storm of the global public health and economic crises. The LG Home Appliance & Air Solution Company reported revenues of $4.22 billion in the second quarter, down 15.5 per cent from the second quarter of 2019, due to the effect of softer global demand during the pandemic.
Its operating income of $514.23 million declined 12.5 per cent year-on-year even though operating profit margin of 12.2 per cent was the highest second quarter in the history of the LG H&A Company.
Meanwhile, the LG H&A Company is buoyed by increasing consumer interest in healthier living. LG Electronics is a global innovator in technology and consumer goods with a presence in almost every country in the world and a diverse workforce of 74,000.