LG Hausys Reports Operating Profit of 71 Billion KRW Last Year, Up 3.2% Year-on-Year

[Asia Economy Reporter Hwang Yoon-joo] LG Hausys announced that its consolidated operating profit last year was 71 billion KRW, an increase of 3.2% compared to the previous year. During the same period, sales amounted to 3.038 trillion KRW, a decrease of 4.7% year-on-year, and net loss turned to 79.5 billion KRW.

By business division, the building materials sector recorded sales of 2.1673 trillion KRW and operating profit of 115.2 billion KRW. Sales decreased by 0.7% compared to the previous year, but operating profit increased by 26.9%.

On the other hand, the automotive materials and industrial films division, which LG Hausys is planning to sell, recorded sales of 858.5 billion KRW and an operating loss of 45.3 billion KRW. The operating loss in the automotive materials and industrial films business more than doubled compared to 2019 (a loss of 21.8 billion KRW).

Regarding last year's performance, LG Hausys explained, "The global market stagnated due to the prolonged COVID-19 pandemic, and domestic finished car production declined, reducing automotive parts sales and causing overall sales to decrease compared to the previous year."

Fourth-quarter sales were 823.4 billion KRW, and operating profit was 8.9 billion KRW.

LG Hausys stated, "This year, we will focus on nurturing the B2C-centered interior business intensively, lead the market through expanding sales of high value-added building materials products and innovating distribution channels, and improve profitability."

Meanwhile, LG Hausys announced that it decided on a cash dividend of 300 KRW per common share and 350 KRW per preferred share. The dividend yield is 0.3% for common shares and 1.1% for preferred shares, with the dividend record date set as December 31, 2020.

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