December 9, 2022


SEOUL: LG Electronics has introduced that its working revenue fell 21 per cent within the fourth quarter from a 12 months earlier as a result of a hike in logistics and uncooked materials prices and weaker-than-expected vacation spending on residence home equipment.

Working revenue slumped to 677.7 billion received ($563 million) within the October-December interval, it stated in a regulatory submitting. Working revenue was decrease than the market consensus of 813.7 billion received in a survey by Yonhap Infomax.

However its gross sales reached a report quarterly excessive of 21.01 trillion received for the three months led to December, up 20.7 p.c from a 12 months earlier, helped by its sturdy residence equipment enterprise.

The tech large’s residence equipment and air resolution unit logged report quarterly gross sales of 6.52 trillion received, up 17.7 per cent from the earlier 12 months.

Gross sales of its residence leisure unit got here to 4.99 trillion received, up 16.4 per cent from a 12 months in the past because of the expansion in demand for premium OLED and large-screen TVs in key European and North American markets.

Whereas the corporate didn’t present the precise shipments of OLED TVs final 12 months, it stated it surpassed its gross sales goal by 60 p.c within the fourth quarter. For the entire 12 months, the corporate shipped twice as many OLED TVs because it did the earlier 12 months, studies Yonhap information company.

It stated it’s going to “proceed maintaining the expansion momentum by launching improved new fashions and leveraging our dominant place out there,” as “demand for premium merchandise will stay sturdy.”

Its automobile part options unit, thought of to be LG’s subsequent progress engine, nevertheless, continued to log an on-year working loss, weighed down by pandemic-caused enterprise uncertainties and the worldwide chip scarcity. The unit reported 1.68 trillion received in gross sales, down 12.3 p.c from a 12 months in the past.

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