LG Innotek Reports Operating Profit of 681 Billion KRW Last Year, Up 43% YoY (Update)

Jung Cheol-dong, CEO of LG Innotek

[Asia Economy Reporter Kim Heung-soon] LG Innotek announced on the 25th that its consolidated operating profit for last year was tentatively estimated at 681 billion KRW, a 43% increase compared to the previous year. Sales rose 19.6% year-on-year to 9.5418 trillion KRW. Net profit increased by 130.8% to 236.1 billion KRW.

In the fourth quarter of last year, sales reached 3.8428 trillion KRW, and operating profit was 342.3 billion KRW. Compared to the same period last year, sales increased by 32.3% and operating profit by 37.9%. Compared to the previous quarter, sales rose 73.4% and operating profit surged 215.9%.

LG Innotek explained, "High-performance products such as triple cameras for smartphones and 3D sensing modules drove the performance, and stable growth in automotive components including 5G communication semiconductors, display substrates, vehicle motors, lighting, and power modules supported the increase in results."

The Optical Solutions business recorded sales of 3.0566 trillion KRW, a 36% increase compared to the same period last year. Compared to the previous quarter, it rose 110%. Annual sales reached 6.7788 trillion KRW, up 24.9% year-on-year. This was due to the expansion of new model supplies to customers and increased sales of high value-added products such as triple cameras for smartphones.

The Substrate Materials business posted sales of 339.6 billion KRW, a 19% increase compared to the same period last year. Compared to the previous quarter, it rose 6%. Annual sales were 1.2442 trillion KRW, up 10.5% year-on-year. Growth continued due to expanded supply of 5G communication semiconductor substrates and steady sales of high-resolution display chip-on-film (COF) and photomasks.

The Automotive Components business recorded sales of 342.9 billion KRW, up 14% year-on-year and 4% compared to the previous quarter. Annual sales were 1.1873 trillion KRW, a 4.9% increase from the previous year. LG Innotek stated, "Performance increased due to rising demand from the global automotive industry recovery and mass production of new projects," adding, "In particular, steady growth in motors, lighting modules, and power modules for electric vehicles led to sales expansion."

This content was produced with the assistance of AI translation services.