LG Electronics Reports Record-Breaking Second-Quarter 2024 Revenue and Profit

 

LG Electronics Inc. (LG) today announced second-quarter 2024 consolidated revenue of 15.82 billion USD and operating profit of 894 million USD, reflecting an 8.5 percent year-over-year increase in revenue and a 61.2 percent surge in operating profit. These figures mark new records for the highest second-quarter revenue and operating profit in the company’s history.

Key drivers of this performance include the home appliance and vehicle component sectors, both achieving their highest quarterly revenues to date. Sales from LG’s Home Appliance & Air Solution Company and Vehicle component Solutions Company combined reached 8.4 billion USD, up 8.2 percent from the previous year. Both Companies also reported record-high second-quarter operating profits, totaling 556 million USD, which represents a 45 percent year-over-year increase.

These results highlight LG’s balanced growth across its core and future businesses. This growth demonstrates not only external expansion but also solid profitability, contributing to qualitative improvements in overall performance.

LG continues to transform its business portfolio towards a future-oriented approach, maximizing the potential of existing businesses while securing new growth opportunities. The company is also focused on rapidly advancing high-growth potential new businesses.

The fast growth in LG’s B2B sector significantly contributes to establishing a future-oriented business structure. Despite a temporary slowdown in EV demand, the vehicle component business continues to grow, supported by a diversified client base of electric and internal combustion vehicles and a strong order backlog. Additionally, LG’s heating, ventilation and air-conditioning (HVAC) business, which includes high-efficiency chillers, is exploring growth opportunities within the AI infrastructure sector.

In the B2C domain, LG is accelerating the integration of new business models that combine traditional hardware sales with intangible, non-hardware offerings such as content, services and subscriptions. The webOS content and services business is expanding beyond TVs into IT and infotainment, with projected revenues set to surpass 729 million USD this year. 

Additionally, the subscription business, which merges products with services, is gaining remarkable momentum. After achieving success in Korea, LG is now expanding this subscription model internationally. Last year, subscription revenue exceeded 729 million USD, with growth accelerating this year. In June, 36.2 percent of major home appliances sold at LG Brand Shops in Korea were subscription-based. This model, particularly popular among young Korean customers, is now being introduced to global markets. For example, LG has launched LG Rent-Up in Malaysia, offering subscriptions for nine products, including washing machines, dryers, and refrigerators.

LG is also expediting the advancement of new businesses. The smart factory business, which combines the company’s manufacturing expertise with AI, is expected to secure orders worth 218 million USD this year, expanding its customer base in industries such as semiconductors and biotechnology. Furthermore, LG’s partnership with ChargePoint, North America’s leading EV charging company, is set to boost the EV charging business by combining ChargePoint’s chargers with LG’s commercial display advertising solutions, ‘LG DOOH Ads,’ creating new market opportunities.

The LG Home Appliance & Air Solution Company generated second-quarter revenue of 6.4 billion USD and an operating profit of 506 billion USD. Compared to the same period last year, revenue increased by 11 percent and operating profit by 16 percent, marking the highest revenue for a single quarter and the strongest second-quarter operating profit to date.

In the second quarter, LG’s volume zone strategy – designed to address polarized market demand – proved effective by diversifying its product lineup and pricing to meet growing needs in emerging markets such as Latin America, the Middle East and Africa. Contributions from new business areas, including subscriptions and Online Brand Shop sales, bolstered the strong performance. Looking ahead to the third quarter, LG intends to remain agile in adapting to market shifts and to continue expanding its B2B sectors, particularly HVAC and built-in appliances. The recent acquisition of smart home platform company Athom is expected to create synergies within the home appliance sector. Additionally, LG will leverage its top-tier global manufacturing capabilities to secure robust profitability. 

The LG Vehicle component Solutions Company achieved second-quarter revenue of 1.96 billion USD and an operating profit of 59 million USD. Revenue increased by 1 percent year-over-year, and the operating profit turned positive. This quarter’s revenue was the highest for any quarter, and the operating profit was the strongest for a second quarter.

Despite a temporary slowdown in the EV market during this period, LG saw growth by effectively addressing increased demand for premium in-vehicle infotainment products and plans to continue expanding its vehicle components business. This strategy includes increasing sales of premium new products as well as safety and convenience solutions, such as Advanced Driver Assistance Systems, in line with existing order programs.

The LG Home Entertainment Company posted second-quarter revenue of 2.64 billion USD and an operating profit of 70 million USD. Revenue increased by 15 percent compared to the same period last year, driven by a recovery in demand in Europe, a key market for premium OLED TVs. Growth also continued in the webOS content and service business. However, operating profit declined due to increased costs, including rising LCD panel prices.

Overall TV market demand is expected to show modest growth in the third quarter compared to last year, with premium OLED TVs anticipated to outperform the broader market. LG will aim to maintain operational efficiency by minimizing cost burdens, such as rising LCD panel prices, through increased sales of OLED TVs.

The LG Business Solutions Company reported second-quarter revenue of 1 billion USD and an operating loss of 4.3 million USD. Revenue increased by 9.9 percent year-over-year, driven by expanded sales of strategic products such as LED signage, electronic whiteboards and gaming monitors. However, profitability was impacted by cost increases, including LCD panel prices, and ongoing investments in growth areas like EV charging and robotics.

In the third quarter, market growth for premium products such as commercial displays and gaming monitors is expected to continue. The Company will focus on expanding sales of strategic products and improving profitability through efficient resource management.

Earnings Conference and Conference Call 

LG Electronics will hold a Korean / English conference call on July 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.

Flagship Killers Weigh In: Maximize Value with the HONOR 200 and Free JBL Soundgear Frames Worth Php 9,499!

HONOR has successfully launched the HONOR 200 Series in the Philippines on July 17 countering the release of its contemporaries’ hero midrange smartphones.HONOR 200 features the Harcourt Portrait Mode inspired by the elusive and prestigious Harcourt Studio in Paris. 

The newly launched flagship phone comes in two variations, the HONOR 200 and the HONOR 200 Pro. The HONOR 200 Pro has an impressive 6.78-inch AMOLED FHD+120Hz Display with 4000nits equipped with HONOR Eye Comfort Display compared to Oppo Reno12 which has 6.7-inch AMOLED 120HZ with 1200nits.

 

In terms of performance, the HONOR 200 Pro is powered by Snapdragon 8s Gen 4 scoring an average of 1,500,000 antutu score compared to Oppo Reno12 Pro with Mediatek Dimensity 7300 scoring an average of 650,000in the antutu benchmark.

 

Now for the camera quality, the HONOR 200 Pro has 50MP Wide Main Camera + OIS, 50MP telephoto + OIS, 12MP Ultrawide and Macro Camera + EIS, and 50MP Selfie Camera with an impressive integration of Harcourt Portrait Mode for studio-like camera capabilities. On the other hand, the Oppo Reno12 Pro has a 50MP Wide Main Camera + OIS, 50MP Telephoto, 12MP Ultrawide Camera, and 50MP Selfie Camera. 

 

Lastly, the HONOR 200 Series has an increased valueupon purchase as it comes with FREE JBL SoundgearFrames worth Php 9,499 during pre-order phase.

 

American Standard celebrates the remarkable achievements of ASDA 2024

 American Standard, one of the most iconic brands in sanitary
ware and part of LIXIL, celebrated the remarkable achievements of the American Standard Design Award (ASDA) 2024 Grand Prize winner and regional finalists at a special awards ceremony and exhibition in Singapore. 

The competition attracted strong interest from nearly five thousand (5,000) registrants from six countries across the Asia-Pacific (APAC). Entries were judged and advanced through national and regional competition rounds, by a panel drawn from over thirty (30) experts from the architecture, design and sanitary ware industry.

The ASDA 2024 theme of “Home Away From Home”challenged student designers to apply their knowledge and creativity to design innovative solutions for a hospitality bathroom that recreates the warm and inviting feeling of home, resonating with the American Standard brand claim of LIFE.LOVE.HOME.

Ricardo Noel Bonalos, an undergraduate design student at the University of Santo Tomas in the Philippines emerged as the ASDA APAC Grand Prize Winner, with his entry titled “SereniScape Retreat: Your Personal Urban Oasis”. His winning entry presented a harmonious blend of natural elements and thoughtful design, where the bathroom becomes a haven where guests can unwind, reconnect with themselves, and experience the dual warmth of a homey atmosphere and the refreshing touch of a tranquil oasis. The use of customizable cabinets that allows guests to adapt the space to their individual needs adds a unique personality to the bathroom and addresses the challenge of catering to diverse guest preferences without imposing difficulty on hotel owners.

Ricardo shared his personal journey, "This project required meticulous attention to detail and careful consideration of materials, fixtures, and furnishings. Although this process was time-consuming, it was incredibly educational. Participating in the ASDA has taught me invaluable lessons about the art of designing spaces that feel both familiar and welcoming, even within a commercial context. It has boosted my confidence and prepared me to tackle real-world projects with a more refined approach. It’s provided me with a unique platform to learn from the best minds in the field, and the opportunity to receive feedback from industry leaders and peers has been incredibly enlightening.”

Antoine Besseyre Des Horts, Leader, LIXIL Global Design, Asia commented, “The ASDA was created as a platform to nurture and recognize upcoming talent in the industry. The caliber of entries keeps impressing ASDA judges. It is rewarding to see the ASDA platform grow to over 1,000 submitted entries from across the region, focusing on the theme “Home Away From Home”. What truly defines a home is the delicate balance of design, space, and practicality.”

“When traveling away from home, we desire a space that relaxes, inspires, and rejuvenates. No matter the style, color, or decor choice, it is the sense of comfort that greets us every time we step into the room. The regional finalists from six different countries were able to convey that through their winning projects and had the opportunity to receive mentoring from the distinguished judging panel. We are pleased to congratulate all the ASDA 2024 winners and finalists, and look forward to their continued success” Antoine continued.

The ASDA 2024 regional finalists and first placed National winners are:

1. Ricardo Noel Bonalos - APAC Grand Prize Winner / Philippines National Winner from University of Santo Tomas

2. Davy Sophonn – Cambodia National Winner from Kirirom Institute of Technology

3. Luist Yansen – Indonesia National Winner from Tarumanagara University

4. Podsatorn Keela - Thailand National Winner from KhonKaen University

5. Mai Hà Võ - Viet Nam National Winner from DanangArchitecture University

6. Minh Chau Nguyen - Australia & New Zealand Winner from Deakin University

Each national winner won a cash prize of USD 2,000, and were mentored by their national ASDA judges in their advance to the APAC regional finals. The APAC Grand Prize winner was awarded a total cash prize of USD 5,000. All regional finalists were also invited to an exclusive tour of the LIXIL Experience Centre, Singapore and a curated design workshop at the LIXIL Design Centre.

For more information about the ASDA competition and a way to be part of an impactful movement that can make a difference to consumers’ lives, please visit the ASDA website.

Follow American Standard on Facebook (@AmericanStandardPH) and Instagram (@americanstandard_ph) for more updates.

AirAsia advised guests of delayed flights to and from Taiwan

AirAsia Philippines advises its guests of the delay of flights to and from Taipei due to unfavorable weather conditions brought by Typhoon Carina/Gaemi. The following flights scheduled for July 24-25, 2024, are rescheduled:

“At AirAsia we always put a premium on safety. Our Allstar team, in coordination with relevant aviation authorities, has thoroughly considered the track of typhoon Gaemi and deemed it best to delay the departure of some of our flights to ensure a safe and comfortable journey among our guests and crew. Pre-flight notifications have been promptly sent to our guests via SMS and registered email. Meanwhile, guests who wish to avail of move flight options may process via the AirAsia MOVE app within 30 days from their original date of departure,” said AirAsia Philippines Communications & Public Affairs Head and First Officer, Steve Dailisan.

Guests may also check the status of their flights via AirAsia MOVE app “flight status” tab or visit @flyairasia.ph on social media platforms, check www.newsroom.airasia.com and monitor their registered mobile phones and email accounts for timely flight updates.

For more information on AirAsia or on the news above, feel free to contact: 

AirAsia Communications and Public Affairs Team

paa_commsandpublicaffairs1@airasia.com 

HONOR truly shines out at the GMA Gala

Not long after the grandiose launch of the AI Portrait Master HONOR 200 in the Philippines, the global technology brand is seen at the GMA Gala 2024 as its official smartphone partner.Amazing news for those interested to get the HONOR 200, a FREE JBL Soundgear Frames worth Php 9,499 is still up for grabs when you pre-order from July 17 to 26, 2024! HONOR 200 and HONOR 200 Pro are priced at Php 24,999 and Php 29,999 respectively. 

HONOR Philippines’ Vice President Stephen Cheng with HONOR 200 AI Portrait Master of the Night Kylie Padilla 

“We are extremely honored to be part of the biggest gala night in the country and it’s events like this that the HONOR 200 truly shines out – captivating memorable moments of anyone’s life in perfect quality. We are very confident that HONOR 200 is more than capable of freezing these memories through breath-taking photos,”said Stephen Cheng, Vice President of HONOR Philippines.

 

The prestigious GMA Gala 2024 was attended by the biggest stars in the country – Vice Ganda, Marian Rivera, Heart Evangelista, Sanya Lopez, Dennis Padilla, and GMA Senior Vice President, Programming, Talent Management, Legal, Human Resources Development, and Worldwide Group Atty. Annette Gozon-Valdes.

 

HONOR Philippines set up a shining vignette where celebrities can get their photos taken by the AI Portrait Master HONOR 200 and when they post, they will get a chance to win Php 100,000 and a brand-new HONOR 200 Pro. After a tight deliberation among all Kapuso stars, it was Kylie Padilla who was hailed as the HONOR 200 Portrait Master of the Night. 

 

HONOR 200 Specs

 

The HONOR 200 Pro features a 50MP Portrait Main Camera with a Super Dynamic H9000 Sensor, enabling users to capture compelling images with the perfect balance of light and shadows in even challenging lighting scenarios. With support for 4-in-1 pixel binning technology with a pixel size of 2.4μm, users can capture intricate details in their images even in low light scenarios. Additionally, the HONOR 200 Pro features a 50MP Portrait Telephoto Camera and a customized telephoto sensor from Sony, the HONOR 200 Pro provides better light sensing capabilities, ensuring clear and faithful captures of distant objects with exceptional details. 

 

The HONOR 200 takes portrait photography to new heights with the collaboration with the prestigious and elusive Harcourt Studio in Paris, France. Did you know that a portrait session in the said studio costs USD 2,000 or Php 120,000? With HONOR 200, you can enjoy the classic portrait in just one click.

 

Get your hands on the AI Portrait Master! HONOR 200and HONOR 200 Pro are now available for pre-orderpriced at Php 24,999 and Php 29,999 respectively with FREE JBL Soundgear Frames worth Php 9,499. Drop byat any HONOR Experience and Partner Stores, or online via Lazada https://bit.ly/Laz_H200Series_PR, Shopeehttps://bit.ly/Shop_H200Series_PR, and Tiktok Shophttps://bit.ly/TikTok_H200_PR. 

 

For more affordable offers, the HONOR 200 is also available at Home Credit for as low as Php 1,619/month. Inquire now via: https://bit.ly/HONORPH_HomeCredit.

 

To know more about HONOR 200, head on to:https://bit.ly/Web_H200_PR. For more exciting announcements, check out HONOR Philippines’ social media platforms: Facebook (Facebook.com/HonorPhilippines), Instagram (Instagram.com/honorph/) and TikTok Shop: (Tiktok.com/@honorphilippines). To check out HONOR’s complete list of retail stores, go to https://www.hihonor.com/ph/retailers/.

Welcome to the Marriage Mart Mr. Bridgerton

Netflix and Shondaland announce season 4 will focus on the love story of Benedict Bridgerton (played by Luke Thompson) 

Luke Thompson Preps for Benedict’s Season 

The fourth season of Bridgerton turns its focus to bohemian second son Benedict (Luke Thompson). Despite his elder and younger brothers both being happily married, Benedict is loath to settle down—until he meets a captivating Lady in Silver at his mother's masquerade ball.

https://www.netflix.com/title/80232398

Legarda Expresses Optimism for Key Issues in President’s 3rd SONA

Highlights from President Ferdinand "Bongbong" Marcos 3rd SONA today, with key issues addressed and attended by leading senators. 

Senator Loren Legarda expressed her expectations that critical issues such as food security, literacy, inflation, support for the agriculture sector, climate crisis, and peace and order will be prominently addressed in the 3rd State of the Nation Address (SONA) of President Ferdinand “Bongbong” R. Marcos Jr. on Monday.

Legarda emphasized the urgency of tackling food security, highlighting the 2023 report of the United Nations on the State of Food Security and Nutrition in the World, which showed that the Philippines had the highest number of people facing moderate or severe food insecurity in Southeast Asia, with 50.9 million people lacking constant access to adequate food in the Philippines in 2022.  

“This statistic underscores the urgency of our efforts to transition from systems that are losing viability to more diverse and natural methods that are more resilient to ensure that no Filipino goes hungry,” Legarda said.

“We must ensure that every Filipino can access affordable and nutritious food. We must provide our people with the kind of support that will have long-term effects to effectively reduce, if not eliminate, hunger and malnutrition in the country,” Legarda added.

Legarda called for more support for the agriculture sector in connection with food security. "Our farmers and fisherfolk are the backbone of our food supply chain. We must provide them with the necessary resources, technology, and infrastructure to boost productivity and ensure sustainability," she said.

She also underscored the importance of enhancing the literacy of Filipino children, citing the Second Congressional Commission on Education (EDCOM II) report. The report highlighted that while the net enrollment rate for elementary schools has stayed above 95% since the 1970s and secondary school participation rose from 65% in the 1980s to 90% by 2015, there are still significant challenges. The 2020-2021 National Achievement Test for Grade 6 showed students are nearly proficient in Filipino (54%) but low proficiency in Math (41%), English (44%), Araling Panlipunan (44%), and Science (44%). The 2022 Program for International Student Assessment (PISA) also revealed that over 75% of 15-year-olds scored below the minimum proficiency level in Math, Reading, and Science.

“As the EDCOM II Year One Report recommends, we need to enhance teacher support and training, streamlining the assessment landscape and ensuring timely procurement of learning resources. There is also a need to strengthen Early Childhood Care and Development (ECCD) governance, prioritizing equitable distribution of nutrition resources, decentralizing education service delivery to local government units, and tailoring technical-vocational education and training (TVET) programs to meet specific needs,” Legarda said.

“As our national hero, Dr. Jose Rizal, once said, _‘Without education and liberty, which are the soil and the sun of human being, no reform is possible, no measure can give the result desired.’_ Providing access to quality education is one of the best investments we can make to lessen illiteracy and alleviate poverty. These children are the future leaders of our country. We need to equip them with the skills and knowledge they need to thrive in an increasingly competitive world," she stressed.

Addressing the ongoing issue of inflation, Legarda noted its impact on the daily lives of Filipinos. "Inflation has hurt the labor sector, and most families do not have the means to make ends meet. We need comprehensive measures to stabilize prices and support vulnerable sectors,” Legarda said.

Legarda is the author of Senate Bill 2662, which aims to establish the standards for a living wage to meet the basic needs of workers and their families, considering the cost of living and the employers' capacity to pay. She also co-authored and co-sponsored Senate Bill 2534 calling for a minimum wage increase for employees and workers in the private sector.

“Ensuring a fair minimum wage is essential for improving the living standards of Filipinos. The cost of living continues to rise, and our laborers find it hard to keep up. While the employment rate is high at 95.9%, we must focus on creating stable and better-paying jobs. Employment alone is not enough; the quality of these jobs must ensure that every Filipino can achieve a dignified standard of living,” Legarda said.

Legarda also highlighted the significance of peace and order in fostering a conducive environment for growth and development. "To sustain economic growth and social stability, it is important that peace and security are maintained. The people expect and deserve good governance. We must improve the capacity of law enforcement agencies and encourage community-based initiatives to maintain peace and order," she said.

Legarda praised the current administration for its proactive stance on the environment. She noted that the Philippines' selection as host of the Loss and Damage Fund Board demonstrates the country’s serious commitment to addressing climate issues and advocating for climate justice for developing nations like the Philippines, which are severely affected by climate change.

The four-term Senator underscored her commitment to working with the administration to advance advocacies focused on inclusive economy, employment, education, and peace and security while continuing to strongly advocate for the environment, indigenous people’s rights, women, and cultural preservation. 

"In all these efforts, we must be guided by the principles of holistic development and happiness as exemplified by Bhutan's four pillars of Gross National Happiness: incorporate the status of the environment, good governance, equitable and sustainable socio-economic growth, and the promotion and preservation of culture when measuring the growth of countries. The quality of life is just as important as the growth rates that we have been working so hard to increase,” Legarda concluded. (30)