LG announced financial results for the third quarter of 2021

LG announced that consolidated revenue in the third quarter of 2021 was 18.79 trillion South Korean won (KRW) ($ 16.23 billion), an increase of 22 percent over the same quarter last year and the highest quarterly revenue in LG’s history. Electronics. Profitability was also strong in the quarter, but was partially offset by a one-time charge. Operating profit of KRW 540.7 billion ($ 466.99 million) was 49.6 percent lower than in the third quarter of the previous year, reflecting a commission of KRW 480 billion ($ 415 million).

LG Home Appliance & Air Solution generated revenue of KRW 7.06 trillion ($ 6.1 billion) in the third quarter of 2021 with an operating profit of KRW 505.4 billion ($ 436.51 million). Sales rose 14.7 percent from the same quarter last year, exceeding KRW 7 trillion for the first time thanks to strong growth in America and Europe. Product competitiveness and operational efficiency are expected to help LG maintain its growth momentum, despite a slower pace due to rising raw material costs.

LG Home Entertainment had sales of KRW 4.18 trillion ($ 3.61 billion) in the third quarter, up 13.9 percent from the same period last year. This was the fourth consecutive quarter with revenues of over 4 trillion KRW, largely driven by steady growth in demand for premium products such as large-screen OLED TVs in key North American and European markets. Operating profit of KRW 208.3 billion ($ 179.91 million) was down from the third quarter of last year due to rising prices for components such as LCD panels.

LG Vehicle component Solutions generated revenue of 1.74 trillion KRW ($ 1.5 billion) in the third quarter of 2021, an increase of 4.8 percent over the same period in 2020. Operating loss in the third quarter of 2021 was KRW 537.6 billion ($ 464.32 million) including a one-time fee of KRW 480 billion in connection with the withdrawal of the Chevy Bolt EV from General Motors. Although the industry saw an increase in demand for cars, including EV during the quarter, the global car market experienced a significant disruption due to a lack of semiconductors. In the fourth quarter, the company will focus on strengthening its global supply chain through greater collaboration with OEM car manufacturers and other component suppliers.

LG Business Solutions increased third-quarter sales to KRW 1.69 trillion ($ 1.46 billion), up 13.9 percent from a year earlier due to steady growth in demand for information display products, computers and monitors. , as well as the gradual recovery of the B2B segment. Operating loss of KRW 12.3 billion ($ 10.62 million) was caused by higher prices of major components including LCD panels, semiconductors and solar panels, as well as an increase in global logistics costs. In the last quarter of the year, the company plans to focus intensively on the recovering B2B segment, while improving product competitiveness and operational efficiency.

Courses for the 3rd quarter of 2021

The unaudited results of LG Electronics’ quarterly earnings are based on IFRS (International Financial Reporting Standards) for the quarter ended September 30, 2021. Amounts in South Korean Won (KRW) are converted to US Dollars (USD) at the average quarterly rate for the corresponding quarter – 1157.83 KRW per dollar.

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