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LG Electronics records highest sales in 2022 but profitability weakens amid global inflation

LG전자, 연매출 80조 첫 돌파 글로벌 인플레이션에 수익성은 악화

South Korean tech giant LG Electronics posted its highest-ever annual sales last year, but its profitability weakened.
The company on Friday reported sales of around 83-point-4 trillion Korean won, or roughly 67-point-6 billion U.S. dollars.
This is up about nearly 13 percent from the previous year.
The rise was on the back of strong performances from its home appliances and electric vehicle parts businesses.
However, in terms of operating profits, LG saw an on-year decrease of 12-and-a-half percent to about 3-point-5 trillion won or almost 2-point-9 billion dollars.
This was due to a fall in demand amid global inflation and rising marketing costs.
LG reported an earnings shock in the fourth-quarter with its operating profits plunging by over 90 percent from the year before.

#LG_Electronics #Earnings #Arirang_News

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2023-01-27, 21:00 (KST)

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