LG Innotek Q1 Operating Profit 176 Billion KRW... Up 21.1% YoY

by Kim HyeongMin

Published 24 Apr.2024 16:10(KST)

Sales Reach 4.3336 Trillion KRW, Net Profit at 138.5 Billion KRW

LG Innotek announced on the 24th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 176 billion KRW, an increase of 21.12% compared to the same period last year.

LG Innotek Headquarters (LG Science Park)

Sales amounted to 4.3336 trillion KRW, a decrease of 0.97% compared to the same period last year. Net profit increased by 66.26% to 138.5 billion KRW.

An LG Innotek official stated, "Despite the seasonal off-season and weak front-end IT demand due to the global economic downturn, profitability improved thanks to the supply of high-performance premium products, active internal cost improvement activities, and favorable exchange rate effects."

Park Ji-hwan, CFO (Executive Director), said, "We will continue to strengthen quality and price competitiveness through digital manufacturing process innovation and production operation efficiency, and pursue profit-based growth by focusing on high value-added products."

He added, "We are rapidly building a business structure for sustainable growth, led by future mobility core components such as sensing, communication, and lighting modules, as well as high value-added semiconductor substrates like FC-BGA."