Shulou(Shulou.com)11/24 Report--

CTOnews.com, October 27, LG Electronics announced that its consolidated revenue in the third quarter of 2023 was 20.7 trillion won (CTOnews.com Note: currently about 111.78 billion yuan) and operating profit was 996.7 billion won (currently about 5.382 billion yuan), the second highest in the company's history.

Third-quarter net profit was 485.2 billion won (currently about 2.62 billion yuan), compared with 336.5 billion won in the same period last year, up 44% from a year earlier.

It is understood that the expansion of B2B business, including auto parts and HVAC systems, has greatly promoted revenue growth, accounting for about 35% of total revenue, with the goal of increasing B2B revenue to more than 40 trillion won by 2030.

LG Home Appliances and Air Solutions had revenue of 7.46 trillion won and operating profit of 504.5 billion won in the third quarter. It is planned to use the electrification and decarbonization trend of the HVAC system to accelerate its B2B growth momentum.

LG Automotive parts Solutions had third-quarter revenue of 2.5 trillion won and operating profit of 134.9 billion won, the highest among third-quarter revenues and operating profits, and is expected to reach a backlog of 100 trillion won by the end of the year. The business unit's annual revenue is expected to exceed 10 trillion won for the first time this year, becoming a key driver of LG's overall growth.

LG Home Entertainment had revenue of 3.57 trillion won and operating profit of 110.7 billion won in the third quarter. By 2026, the number of televisions carrying webOS, the foundation of LG's content and services business, is expected to reach 300m.

LG Business Solutions posted a third-quarter revenue of 1.33 trillion won and an operating loss of 20.5 billion won.

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