LG Electronics logs highest-ever Q3 revenue

LG Electronics Inc. posted its highest-ever sales in the third quarter this year because of the updated home appliances business portfolio, which focused on business-to-business (B2B) and subscription services.

The company’s revenue in the third quarter was 22.18 trillion won ($16.6 billion), up 10.7% from the previous year.

It’s the record-high revenue for the third quarter in the company’s history.

Operating profit, however, dropped 20.9% to 751.9 billion won. According to the company, the weaker-than-expected profit was ascribed to higher shipping costs, affected by geopolitical risks in Europe and the Middle East.

The home appliance unit posted an operating profit of 527.2 billion won (381.9 million dollars) on revenue of 8.34 trillion won (6 billion dollars) in the third quarter.

The TV-manufacturing division recorded an operating profit of 49.4 billion won (35.8 million dollars) on revenue of 3.75 trillion won (2.7 billion dollars).

The revenue grew in single digits in the third quarter, driven by demand in Europe for OLED TVs.

Write to Chae-Yeon Kim at why29@hankyung.com