LG reports highest ever quarterly revenue
October 28, 2021
LG Electronics has announced Q3 2021 consolidated revenues of KRW 18.79 trillion (€13.9bn), an increase of 22 per cent from the same quarter last year and the highest quarterly revenue in the history of LG Electronics.
Profitability also was strong in the quarter but was partially offset by a one-time charge. Operating profit of KRW 540.7 billion was 49.6 per cent lower than the third quarter the previous year, reflecting a provision of KRW 480 billion.
The LG Home Entertainment Company achieved Q3 sales of KRW 4.18 trillion, 13.9 per cent higher than the same period last year. This was the fourth consecutive quarter with revenues over KRW 4 trillion, driven in large part by steady growth in demand for premium products such as OLED and large-screen TVs in the key markets of North America and Europe. Operating profit of KRW 208.3 billion declined from the third quarter last year due to an increase in component prices such as LCD panels.
The LG Business Solutions Company increased sales to KRW 1.69 trillion, up 13.9 per cent from a year ago thanks to continued growing demand for information display products, PCs and monitors as well as the gradual recovery of the B2B segment. An operating loss of KRW 12.3 billion was caused by higher prices of major components including LCD panels, semiconductors and solar wafers as well as an increase in global logistics costs.
In the final quarter of the year, the company said it plans to aggressively target the recovering B2B segment while improving product competitiveness and operational efficiencies.