The South Korean company told MTI on Friday that it had a turnover of 21,200 billion won (6,160 billion HUF) in the third quarter, up 14.1% year-on-year. . before I got over my past. The growth in turnover is primarily due to the success of premium household appliances and the new categories introduced in this segment, as well as the results of the auto parts business. Operating income increased 25.1% year-on-year to 746.6 billion won, but with the impact of non-recurring costs incurred a year earlier, there has already been a decline due to the demand-limiting effect of the global economic downturn.
The domestic appliance subsidiary (LG Home Appliance and Air Solution Company) posted a turnover of 7,500 billion won in the third quarter, up 5.8% year-over-year, and Thus, the company achieved the highest level of sales in the third quarter in its history. Its annual operating income was 228.3 billion won, down from last year, due to higher investment in marketing and increased logistics costs. The increase in revenue is driven by premium home appliances and new categories introduced in the segment, such as steam-based hygiene products, as well as in the most important regions, North America and Europe. The subsidiary wants to maintain this trend by improving the competitiveness of the premium categories.
An entertainment electronics subsidiary (LG Home Entertainment Company) achieved sales revenue of 3,700 billion won in the third quarter, and its operating profit decreased year-over-year, which was also due to with increased investment in marketing driven by increased market competition. Going forward, the subsidiary wants to focus on managing marketing costs and inventory more effectively, as well as strengthening the premium TV segment.
Automotive component subsidiary (LG Vehicle component Solutions Company) posted a turnover of 2,300 billion won in the third quarter, up 45.6% from the third quarter of 2021. This is the subsidiary’s highest quarterly sales to date. Operating profit for the third quarter was 96.1 billion won. The strong increase in sales can be attributed to the fact that the company quickly responded to increased demand from automakers, as well as the fact that delivery worked efficiently. The subsidiary wants to further increase its revenues through close cooperation with global car manufacturers and good profit opportunities.
Subsidiary (LG Business Solutions Company) achieves turnover of 1,400 billion won in the third quarter. global logistics costs. Revenue increased by 9.7% year-on-year, mainly due to the recovery of the B2B segment. The company plans to significantly increase the B2B segment through individual solutions, expanding the product range and stabilizing the purchase of basic components.
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