LG lifts Q3 revenues 8%, profit 23% in Q3 driven by home appliances, entertainment

Nieuws Mobiel Wereld 3 NOV 2020
LG lifts Q3 revenues 8%, profit 23% in Q3 driven by home appliances, entertainment
LG Electronics reported better results for the third quarter, with the highest revenues and profit for a Q3 in the company’s 62-year long history, led by strong growth in home appliances and home entertainment. Revenues advanced 7.8 percent from the year before to KRW 16.92 trillion while the operating profit increased 22.7 percent to KRW 959 billion. 

Revenues were flat at the company’s mobile business, at KRW 1.52 trillion, though they did lift on a sequential basis by 16.5 percent. The operating loss at the mobile operations narrowed to KRW 148.4 billion, both on a year-on-year and quarter-on-quarter basis,in large due to increased efficiency in production, cost savings from increased ODM (original design manufacturing) and stronger demand for mass-tier models. The division plans to strengthen its mass-tier lineup in North America and Latin America, and continue improving operational efficiencies. 

Revenues lifted 14.3 percent year-on-year at LG's home entertainment company to KRW 3.67 trillion and jumped 23.5 percent at the vehicle component solutions business to KRW 1.66 trillion. At the business solutions company, they slipped 1.9 percent to KRW 1.48 trillion.

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