LG reports a slump in sales for Q1, 2020

Seoul [South Korea]: LG announced its preliminary earnings results for Q1, 2020, with a decline in sales while estimating profit.

According to the official release, LG reported tentative consolidated revenues of KRW 14.7 trillion in the first quarter of 2020 with an operating profit of KRW 1.1 trillion.

Given the ongoing COVID-19 pandemic, sales are expected to decline. LG estimates it to be 1.2 per cent lower than the same quarter last year with operating income increasing 21.1 per cent year-on-year. LG will announce details on each division officially later this month. (ANI)