Quarterly sales hits record
LG Electronics said on Tuesday in its earnings guidance that it is expecting sales of 18.78 trillion won and operating income of 540.7 billion won for the third quarter this year.
Sales increased by 22% from a year ago and is its highest quarterly figure to date.
However, operating profit dropped 49.6% year-on-year.
LG said the drop in operating profit was due to the cost of 480 billion won it needs to cover for General Motors’ recall of Bolt EV.
Analysts expect the high sales was thanks to the strong performance of the company’s home appliance business.
LG’s TV business is also expected to have saw an increase in sales of its OLED TVs, they said.
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