LG Reports Operating Profit of 828.3 Billion KRW in Q1, Down 14% YoY Due to 'Ukraine and China' Impact

Sales Similar to Same Period Last Year
Net Income Increased by 27%

The LG Twin Towers in Yeouido, Seoul, where LG Electronics' headquarters is located, on the 2nd, as LG Electronics' exit from the smartphone business approaches. Photo by Mun Honam munonam@

[Asia Economy Reporter Jin-ho Kim] LG announced on the 12th that its consolidated operating profit for the first quarter was 828.279 billion KRW, a 14% decrease compared to the same period last year.

However, sales revenue was 1.78551 trillion KRW, showing a similar level to the same period last year. Net profit for the period was tentatively estimated at 1.344998 trillion KRW, an increase of 27%.

LG explained, "The increase in raw material costs such as oil prices due to the Ukraine crisis and logistics costs, as well as the impact of city lockdowns in China caused by the spread of COVID-19, had a significant effect." It also stated, "Additionally, the decrease in equity-method profit from the chemical division was another cause."

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