LG Electronics Q4 operating profit down 21 pct on weaker demand, rising costs

우재연 / 2022-01-27 15:33:13
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LG Electronics-Q4 earnings
▲ A man passes by the LG Electronics headquarters in Yeouido, Seoul, on Jan. 7, 2022. (Yonhap)

LG Electronics-Q4 earnings

LG Electronics Q4 operating profit down 21 pct on weaker demand, rising costs

SEOUL, Jan. 27 (Yonhap) -- LG Electronics Inc. on Thursday said its operating profit fell 21 percent in the fourth quarter from a year earlier due to a hike in logistics and raw materials costs and weaker-than-expected holiday spending on home appliances.

Operating profit slumped to 677.7 billion won (US$563 million) in the October-December period due largely to increased logistics and raw materials costs, it said in a regulatory filing. Operating profit was lower than the market consensus of 813.7 billion won in a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

But its fourth-quarter sales reached a record quarterly high of 21.8 trillion won for the October-December period, up 20.7 percent from a year earlier, helped by its strong home appliance business.

For the full year of 2021, the tech company garnered 74.72 trillion won in sales and 3.86 trillion won in operating profit on the back of continued demand for home appliances, LG's mainstay business.

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