The great demand for Premium LG Home Appliancess and auto parts, leading to the Highest Quarterly Revenue in the company's history
Athens, October 31, 2022 - THE LG Electronics (LG) announced its third quarter 2022 consolidated revenue, which reached 21.2 trillion KRW, an increase of 14.1% over the same quarter last year, marking the highest quarterly revenue in the history of LG Electronics. Operating profit for the third quarter was 746.6 billion KRW, 25.1% higher than the same quarter last year.
For the third quarter, the company saw revenue growth from increased sales of premium home appliances including new categories of appliances and auto parts. However, taking into account the one-off costs incurred last year, operating profit fell due to low demand caused by the global economic slowdown.
Η LG Home appliance & Air Solution Company posted revenue of 7,5 trillion KRW for the third quarter of 2022, up 5.8% from the same quarter last year, recording the highest third quarter revenue in the business unit's history. Operating profit of KRW 228.3 billion was lower than last year due to increased investments in marketing and supply chain.
Revenue growth was driven by strong sales in premium appliances, including new appliance categories such as sanitary products that use steam technology in the key regions of North America and Europe. The business unit plans to continue its momentum by improving the competitiveness of premium products and strengthening its core range, along with managing its cost structure to strengthen profitability.
Η LG Home Entertainment Company recorded revenue of KRW 3,7 trillion in the third quarter and an operating loss of KRW 55,4 billion, reflecting higher marketing investments in response to intense market competition. LG's home entertainment strategy will focus on effectively managing marketing spend and strengthening the premium TV segment, in addition to easy-to-use inventory management.
Η LG Vehicle component Solutions Company recorded sales of 2,3 trillion KRW in the third quarter, up 45,6% from the same period in 2021, marking the highest quarterly revenue of the business unit. Q2022 96,1 operating profit was KRW XNUMX billion. The significantly higher sales came from the anticipated response to higher demand from automakers with efficient supply chain management. The company will continue to build strong relationships with global automakers and work to increase profitability through effective cost structure management.
Η LG Business Solutions Company recorded third-quarter revenue of KRW 1,4 trillion, with an operating loss of KRW 14,4 billion, driven by higher raw material costs and increased global logistics costs. Revenue was up 9,7 percent from a year ago, mainly due to a recovery in the B2B segment. The company plans to aggressively target the recovering B2B segment by developing more customized solutions and expanding its product portfolio for steady growth, coupled with stabilizing the supply of key components, actively reducing costs and managing resources more efficiently.
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