BUSINESS

LG posts 82% growth in Q3 operating profit

By Song Su-hyun
  • Published : Oct 10, 2017 - 16:07
  • Updated : Oct 10, 2017 - 18:17
LG Electronics announced Tuesday it posted 82.2 percent growth in operating profit for the third quarter of this year compared to a year earlier.

According to the smartphone and home appliance maker’s preliminary earnings, it recorded a 15.2 percent increase to reach 15.23 trillion won ($ 13.4 billion) in consolidated sales during the July-September period compared to the same period last year. Its operating profit climbed 82.2 percent to reach 516.1 billion won during the period. 

Models introduce LG`s latest V30 smartphones at IFA Berlin in September. (LG Electronics)

Despite the launches of two flagship smartphones this year -- the G6 in April and the V30 in September -- LG’s third-quarter performance is lower than the market’s prediction.

Local stock brokerage firms had forecast 573.2 billion won for LG’s third-quarter operating profit, although they said the new phones’ contributions to the quarterly performance would not be significant compared to the firm’s home appliance and TV businesses.

As of the third quarter of this year, the company posted 44.44 trillion won in accumulated sales and 2.1 trillion won in accumulated operating profit. Total sales rose 9.5 percent on-year, while operating profit jumped 53.1 percent.

Finalized details of each division will be out by the end of October, the company said.

By Song Su-hyun (song@heraldcorp.com)