LG Electronics Reports 3Q Operating Profit of 540.7 Billion KRW, Down 49.6% YoY
[Asia Economy Reporter Minwoo Lee] LG Electronics announced on the 12th that it posted preliminary consolidated sales of KRW 18.7845 trillion and an operating profit of KRW 540.7 billion for the third quarter of this year. Compared to the same period last year, sales increased by 22.0%, while operating profit decreased by 49.6%. Compared to the previous quarter, sales increased by 9.8%, but operating profit decreased by 38.4%.
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The company explained, "Due to the cessation of production and sales in the MC (mobile phone) division, it has been classified as discontinued operations from the second quarter," and added, "In relation to the recall of the US GM Bolt electric vehicle (EV), an additional provision of KRW 480 billion was reflected in the third quarter results this year in accordance with accounting standards."
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