LG Electronics’ better-than-expected operating profit was largely attributed to lower costs, notably in logistics spending, and a jump in sales of premium electronics, offsetting the overall tepid electronics demand amid inflation. On the same day, Samsung Electronics reported 600 billion won in operating profit for the first quarter of this year. The result was also higher than the operating profit of Samsung Electronics for the first time since the International Financial Reporting Standards (IFRS) were first adopted in Korea in 2009. Excluding the one-time gain from patent sales in the same quarter of last year, LG Electronics saw a year-on-year increase of up to 20% in profits across its mainstay businesses, the company explained. The operating profit came above the market consensus of 1.1 trillion won. Its sales reached 20.4 trillion won, down 2.6% on-year and 6.6% on-quarter. South Korea’s No.1 appliance maker on Friday reported in a regulatory filing that its preliminary operating profit on a consolidated basis for the January-March 2023 period stood at 1.5 trillion won ($1.1 billion), down 22.9% from the same period last year but 21 times that of the previous quarter. thanks to brisk sales of premium electronics and a sharp drop in costs, especially in logistics. is expected to report solid earnings for the second quarter after its first-quarter operating profit beat market expectations and that of its arch-rival Samsung Electronics Co. LG　Electronics　appliances　(Source:　LG　Electronics)

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