According to Yonhap News Agency, on October 8, LG Electronics said that due to increased logistics and marketing costs, the company expects its third-quarter operating profit to fall 20.
9% from the same period last year, lower than market expectations.
, Photo source: LG Electronics,LG Electronics said in a filing with regulators that from July to September this year, the company’s sales were 22.
17 trillion won, up 10.
7% year-on-year and setting a record high for the same period.
Operating profit was 751.
1 billion won (approximately US$556.
9 million), down from 905.
1 billion won in the same period last year.
According to a survey by Yonhap Infomax, a financial data company owned by Yonhap News Agency, LG Electronics ‘third-quarter operating profit forecast is 22.
5% lower than the market average forecast.
LG Electronics explained that operating profit fell because of increased competition and increased shipping costs and marketing expenses.
But the company’s business-to-business businesses, which include electric vehicle parts, subscriptions and heating, ventilation and air conditioning (HVAC) businesses, achieved steady growth in the third quarter.
The company will officially release its third quarter financial report later.
, LG Electronics said in a statement,”Although the external environment continues to be challenging, including delayed demand recovery, rising raw material costs, and fluctuating sea freight rates, our sales are steadily increasing.
Our efforts to modernize our business portfolio are improving basic competitiveness, and we are maintaining our growth momentum.
“, After withdrawing from the smartphone business in 2021, LG Electronics has been working hard to diversify its business and aim to become a future-oriented company.
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