SEOUL (XINHUA) – South Korean tech company LG Electronics logged its record-high revenue last year due to record sales of home appliances and automotive parts, the company said on Friday.
Consolidated revenue grew 12.9 per cent over the year to KRW83.47 trillion in 2022, keeping a record-breaking trend for the second consecutive year. The company said the revenue growth was driven by strong demand for premium home appliances and auto parts.
Operating profit declined 12.5 per cent to KRW3.55 trillion last year on stiffer competition leading to higher costs, but net income jumped 31.7 per cent to KRW1.86 trillion.
LG’s home appliance unit posted record revenue of KRW29.9 trillion in 2022, up 10.3 per cent from the previous year.
The revenue continued to expand for the seventh successive year.
The unit’s operating profit tumbled 48.9 per cent to KRW1.13 trillion on higher logistics costs and increased marketing investments.
Revenue by the vehicle component business soared 29.1 per cent to KRW8.65 trillion, accounting for over 10 per cent of the company’s total revenue for the first time.
The business’ operating profit stood at KRW169.6 billion last year on steady improvements in the automotive industry. The television-making division logged an operating profit of KRW5.4 billion on revenue of KRW15.73 trillion in 2022.
Compared to the previous year, the revenue was down 8.7 per cent while the operating profit plunged 99.5 per cent on lower global television demand. The business solutions unit reported an operating profit of KRW25.2 billion on revenue of KRW6.09 trillion last year.