LG posts record-high sales and profits in Q3

The South Korean technology giant's overall sales increased 7.8 percent and operating income improved by 22.7 percent year-on-year (YoY), thanks to strong growth in home appliances and home entertainment business. Both sales and profits were the highest for a third-quarter in the 62-year history of the company.

LG Electronics on Friday announced it posted a revenue of KRW 16.92 trillion (USD 14.24 billion) and operating profit of KRW 959 billion (USD 807.14 million) in the third quarter of 2020.

The South Korean technology giant's overall sales increased 7.8 percent and operating income improved by 22.7 percent year-on-year (YoY), thanks to strong growth in home appliances and home entertainment business. Both sales and profits were the highest for a third-quarter in the 62-year history of the company.

LG's Home Appliance and Air Solution business recorded its highest ever third-quarter operating profit of KRW 671.5 billion (USD 565.2 million) an increase of 56.6 percent from the same quarter last year. The business posted revenue of KRW 6.16 trillion (USD 5.18 billion), an increase of 15.5 percent YoY.

The company's Home Entertainment business posted an operating income of KRW 326.6 billion (USD 274.88 million), an increase of 13.2 percent YoY. Driven by the resurgence in demand for premium products such as OLED and large screen TVs in mature markets, the business posted sales of KRW 3.67 trillion (USD 3.09 billion), 14.3 percent higher over the same period last year.

LG's Mobile business saw sales reach KRW 1.52 trillion (USD 1.28 billion), virtually unchanged from the previous year. However, its operating loss narrowed from a year ago to KRW 148.4 billion (USD 124.9 million) on the back of enhanced efficiency in production, cost savings from increased ODM and stronger demand for mass-tier models.