According to Yonhap News Agency, LG Electronics’ 2022 Q4 profit was hit by an overall slump in its main businesses, such as TVs and home appliances, as demand shrank due to the global recession
Preliminary calculations show that LG Electronics’ 2022 Q4 operating profit was 65.5 billion won, down 91.2 percent from a year earlier. LG said the plunge was due to higher raw material prices, increased logistics and marketing costs, and a sharp drop in exchange rates.
LG Electronics’ fourth-quarter revenue rose 5.2 percent year-on-year to 21.85 trillion won, a quarterly high, but the company did not release net income figures.
In 2022, LG Electronics’ operating profit is estimated at 3.54 trillion won, down 12.6 percent year-on-year; annual sales rose 12.9 percent year-on-year to a record 83.46 trillion won, while net profit figures were not available. LG Electronics shares closed up 0.89 percent to 90,700 won on the Seoul Stock Exchange today, underperforming the 1.12 percent gain in the KOSPI index.
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According to a survey by Yonhap Infomax, a financial data company owned by Yonhap News Agency, its operating profit was 79.5 percent lower than the average estimate.
LG Electronics shares closed up 0.89 percent to 90,700 won on the Seoul Stock Exchange on Friday, underperforming the 1.12 percent gain in the Korea Composite Stock Index.
