The reputable brand LG Electronics has announced incredible financial results for the second quarter of 2021. Although the company has closed some areas, such as the production of smartphones for lack of profitability, at present it has its gains pointed out in other areas.
The 2021 second quarter account report indicated consolidated revenues of 17.1 trillion, an increase of 48.4 percent from the year-ago quarter and the highest quarterly revenue in the company’s history.
The brand foresees an operating profit of 1.1 trillion, an increase of 65.5% compared to the second quarter of the previous year.
Despite the official shutdown of LG Mobile Communications at the end of the month, the company’s earnings will not be reflected in this quarter’s earnings report and will be treated as operating losses.
The provisional income figures were based on the Korean version of the International Financial Reporting Standard (K-IFRS) to provide investors with accurate financial data, including net income, prior to publication.
The company also said that more detailed statistics for each area will be published later this month.
After LG’s exit from the smartphone market, the variety of gadgets in the company’s stores was a bit reduced. It was then that they decided to make a deal with Apple, after this agreement was established, it undertook to negotiate with LG to start selling its products in its stores.
Who didn’t like this deal was Samsung. Samsung argues that if LG starts selling Apple products it would go against the agreement the two companies signed in 2018. The agreement was that each company could only have LG and Samsung devices available for sale.
LG warrants that it will not cancel the agreement with Apple. The agreement with Samsung contains a clause that allows its modification in case of significant changes in the business of each of the companies.