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The renowned LG electronics is on a roll, after it "recorded the highest operating profit rate this year among top home appliance producers in the world". The company has reportedly witnessed good profit in the first-quarter in its high-end home appliance sales section, "offset a loss for its smartphone business".
If sources are to be believed, during the first quarter LG earned 9.7 percent in operating profit rates, grabbing the first place in the world of home appliance. It managed to beat Whirlpool, Electrolux, Daikin and Samsung Electronics. Reportedly, the company revealed that "it earned 191 billion won ($168 million) in the January-March period, compared with 2 billion won a year earlier. The results were its best since mid-2014".
It further added, "Operating profit jumped 66 percent to 505 billion won ($443 million) even while sales declined 5 percent to 13.4 trillion won ($11.8 billion)". It is believed that the company's tactic to target the “rich consumers” with its high-end refrigerators, washing machines and other home appliances, have worked effectively.
The brand is expected to continue its win and increased profitability in the second quarter as well!