LG Electronics announced that its consolidated revenue in the third quarter of 2023 was 20.7 trillion won and operating profit was 996.7 billion won, both the second-highest third-quarter figures in the company’s history.
Net profit in the third quarter was 485.2 billion won, compared with 336.5 billion won in the same period last year, a year-on-year increase of 44%.
It is understood that the expansion of B2B business, including auto parts and HVAC systems, has greatly boosted revenue growth, accounting for about 35% of total revenue, and the goal is to increase B2B revenue to more than 40 trillion won by 2030.
LG Home Appliances & Air Solutions Company’s third-quarter revenue was 7.46 trillion won and operating profit was 504.5 billion won. Plans to capitalize on trends in electrification and decarbonization of HVAC systems to accelerate its B2B growth momentum.
LG Auto Parts Solutions posted revenue of 2.5 trillion won and operating profit of 134.9 billion won in the third quarter, the highest in both revenue and operating profit in the third quarter, and is expected to have a backlog of 100 trillion won by the end of the year. The business unit’s annual revenue is expected to top 10 trillion won for the first time this year, becoming a key driver of LG’s overall growth.
LG Home Entertainment reported third-quarter revenue of 3.57 trillion won and operating profit of 110.7 billion won. The number of TVs running webOS, the foundation of LG’s content and services business, is expected to reach 300 million by 2026.
LG Business Solutions reported third-quarter revenue of 1.33 trillion won and an operating loss of 20.5 billion won.
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