LG Electronics Achieves Record High Q3 Sales This Year... Operating Profit Halved (Update)

[Asia Economy Reporter Suyeon Woo] LG Electronics achieved its highest-ever quarterly sales by recording sales of over 18 trillion KRW in the third quarter of this year, but operating profit fell to half the level of the same period last year due to provisions for the GM electric vehicle recall.

On the 12th, LG Electronics announced that its sales for the third quarter of this year reached 18.7845 trillion KRW, a 22% increase compared to the same period last year. This is the first time LG Electronics' quarterly sales (excluding MC division profit and loss) have exceeded 18 trillion KRW, marking the highest quarterly sales in its history.

On the other hand, operating profit was provisionally estimated at 540.7 billion KRW, down 49% from the same period last year due to the impact of provisions related to the GM electric vehicle recall. In the previous second quarter, LG Electronics also announced operating profit exceeding 1 trillion KRW in provisional figures, but later revised the operating profit down to around 870 billion KRW due to the provision impact.

LG Electronics explained, "We additionally reflected provisions of approximately 480 billion KRW in the third quarter results related to the GM Bolt electric vehicle recall," adding, "The cost scale may vary during the recall process."

Accumulated results up to the third quarter of this year showed sales of 53.7108 trillion KRW, a 32% increase year-on-year, and accumulated operating profit of 3.1861 trillion KRW, up 4.7%.

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