Korea Business News Agency - NSP NEWS AGENCY.

(사진 = LG Electronics)

(Seoul=NSP NEWS AGENCY) = LG Electronics announced its preliminary estimate for 3Q 2023 on October 10.

According to the announcement, LG Electronics recorded 20.7139 trillion won revenue with 996.7 billion won profit (Consolidated basis) for 3Q 2023. Both figures were the best 3Q performance in the company’s history.

Its revenue fell 2.2% with profit 33.5% up than last year. The better-than-expected performance was driven by its flagship, home appliances, and future growth driver, car electronics.

In particular, boosted qualitative growth in the businesses supported 30% or more profits than those of the same quarter last year and the previous quarter, surpassing the market consensus.

Despite a sluggish economy and decreased demand, the company also saw a strong revenue compared to the same quarter last year, thanks to the expanded business-to-business transactions for automotive parts, heating, ventilation, and air conditioning (HVAC) equipment, etc.

Other key promoters of such great performance were the business model of combined products, content, and services and the strategic market tactics to target high-demand volume zones with competitive premium line products, including the OLED TV and Objet Collection.

By Hyun-jin Kim(kimhj30310@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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