Seoul:LG Electronics Inc. has announced an estimated 13.5 percent increase in its third-quarter operating profit compared to the previous year, primarily driven by robust performance in its home appliance sector.
According to Yonhap News Agency, the company's operating profit for the July-September period is estimated at 781.8 billion won, equivalent to approximately US$583.8 million, as stated in a regulatory filing. Despite this increase, the figure fell 17 percent short of the 941.7 billion-won market consensus compiled by Yonhap Infomax.
Sales for the quarter rose by 8.9 percent year-on-year, reaching 23.82 trillion won. However, the net profit figures were not immediately disclosed. LG Electronics noted that despite challenges such as the Middle East conflict, their core businesses maintained strong market positions and experienced sales growth due to product competitiveness.
The company also reported significant improvements in profitability, with operating profitability achieving a double-digit increase from the previous year. LG Electronics highlighted that its home appliance and vehicle component divisions were major contributors to cash flow, and the profitability of its TV business also saw notable improvements compared to the previous year.