Jeddah, July 21, 2022 — LG Electronics Inc. (LG) announced its preliminary earnings results for the second quarter of 2022.
LG reported revenues of KRW 19.5 trillion in the second quarter of 2022, 15 percent higher than the same quarter the previous year. Operating profit for the second quarter was KRW 791.7 billion, expected to be 12 percent lower than the same quarter of the previous year.
LG Electronics terminated production and sales of solar panel at the end of June this year and is treating the performance of solar business as a discontinued operating loss from the second quarter 2022 earnings announcement. Applying the same standards from the second quarter of 2022 to the same period last year, LG would have recorded a revenue of KRW 16.9 trillion with an operating profit of KRW 900.1 billion.
These figures are the tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results including net profit. Details regarding each division which will be announced officially later this month.