LG Electronics sees revenue grow 22% in Q3
Its highest quarterly figure ever Operating profit halved from General Motors recall
LG Electronics said on Thursday that it has recorded 18.78 trillion won in revenue and 540.7 billion won in operating profit during the third quarter.
Sales is its highest for a quarter ever and an increase of 22% from the same time period in 2020.
Operating profit dropped 49.6% year-on-year from its cost of covering General Motors’ recall of Bolt EV.
LG Electronics credited premium appliances sales and solid performance of its OLED TV for the revenue growth.
Its home appliance business earned 505.4 billion won in operating profit during the quarter.
It saw growth in North America, Europe and Central and South America during the quarter, LG Electronics said.
The TV business recorded 208.3 billion won in operating profit. OLED TV sales led to profitability that offset rising costs in liquid crystal display TVs, the South Korean tech firm said.
Meanwhile, LG Electronics will spend 480 billion won to cover its part on the US car brand’s recall of Bolt EV.