BUSINESS S.Korean LG Electronics' revenue hits record high in Q3

BUSINESS

S.Korean LG Electronics' revenue hits record high in Q3

Xinhua

16:49, October 28, 2022

SEOUL, Oct. 28 (Xinhua) -- South Korean tech giant LG Electronics hit the highest revenue in the third quarter owing to the increased sales of home appliances and automotive parts, the company said Friday.

File photo: CGTN

Consolidated revenue advanced 14.1 percent over the year to 21.18 trillion won (14.9 billion U.S. dollars) in the July-September quarter, topping the previous high of 20.97 trillion won (14.7 billion dollars) tallied in the first quarter.

Operating profit gained 25.1 percent to 746.6 billion won (525 million dollars) in the third quarter, but it was actually down when considering the one-off cost of about 480 billion won (338 million dollars) incurred in the same quarter of last year.

Net income tumbled 34.8 percent from a year earlier to 336.5 billion won (236.6 million dollars) in the third quarter.

The home appliances unit posted an operating profit of 228.3 billion won (160.5 million dollars) on revenue of 7.5 trillion won (5.3 billion dollars) in the third quarter.

It marked the highest third-quarter revenue for the unit, driven by the solid sales of premium home appliances, but the operating profit declined compared to the same quarter of last year due to higher marketing and logistics costs.

The automotive components division logged an operating profit of 96.1 billion won (67.6 million dollars) on revenue of 2.3 trillion won (1.6 billion dollars).

It was the division's highest quarterly revenue as LG proactively responded to higher demand from automakers with efficient supply chain management, the company noted.

The TV-making business recorded an operating loss of 55.4 billion won (39 million dollars) on revenue of 3.7 trillion won (2.6 billion dollars) amid higher marketing costs and fiercer competition.

The business solutions unit posted an operating loss of 14.4 billion won (10 million dollars) on revenue of 1.4 trillion won (984.5 million dollars) due to higher commodity and logistics costs.

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