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LG Electronics logs record high earnings in Q2

SEOUL
2023-07-07 15:12

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SEOUL, July 7 (Xinhua) -- South Korea's tech firm LG Electronics logged record earnings in the second quarter of 2023 owing to high demand for air conditioners in summer and strong sales of auto parts, the company said on Friday.

Preliminary operating profit increased 12.7 percent from a year earlier to 892.7 billion won (684.1 million U.S. dollars) in the April-June quarter.

Preliminary revenue grew 2.7 percent to 19.99 trillion won (15.3 billion dollars) in the second quarter.

It was the highest second-quarter revenue, while the operating profit was the second-highest second-quarter figure in the company's history.

The record earnings were affected by the increased sales of air conditioners and energy-efficient heat pump-enabled products as well as energy storage systems, the company said.

The earnings were also supported by high order backlog of auto parts and stable supply chain management.

Net income and detailed earnings in each business unit will be unveiled later this month.
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