LG Q3 boosted by OLED and large screen TVs
October 30, 2020
LG Electronics has announced third-quarter 2020 consolidated revenue of KRW 16.92 trillion (€12.18bn) and operating profit of KRW 959 billion.
Both sales and profits were the highest for a third quarter in 62-year history of LG Electronics. Led by strong growth in home appliances and home entertainment, overall sales increased 7.8 per cent and operating income improved by 22.7 per cent compared with the same period last year.
The LG Home Entertainment Company posted sales in the third quarter of KRW 3.67 trillion, 14.3 per cent higher than the same period last year driven primarily by the resurgence in demand of premium products such as OLED and large screen TVs in mature markets of North America and Europe. Operating income of KRW 326.6 billion increased 13.2 per cent from the same period of 2019 as a result of more strategic marketing investments despite higher LCD panel prices.
The company says it aims to continue its success by increasing the proportion of premium TVs and to grow online sales.