LG Electronics Suffers Quarterly Net Loss on Sluggish Demand
By Kwanwoo Jun
LG Electronics posted a fourth-quarter net loss after three straight profitable quarters, as it struggled with a delayed recovery in demand for televisions and home appliances.
The South Korean consumer-electronics giant missed market expectations for the company to remain profitable in the final quarter of the year.
Net loss for the three months ended December was 76.40 billion won ($57.3 million). That compared with net profit of KRW485.20 billion in the third quarter and net loss of KRW212.40 billion in the year-earlier period.
Revenue for the quarter rose 5.7% from a year earlier to KRW23.104 trillion, with operating profit having more than quadrupled to KRW313.10 billion, largely in line with the company's preliminary forecasts.
For the full year, revenue edged up 0.9% to a record KRW84.228 trillion, operating profit inched down 0.1% to KRW3.549 trillion and net profit fell 38% to KRW1.151 trillion.
The company said Thursday that it is upbeat about its home-appliance and vehicle-component segments, which sustained growth for an eighth consecutive year despite challenging business conditions.
Revenue from the fast-growing vehicle-component unit topped KRW10 trillion for the first time in 2023, it said.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
January 25, 2024 05:13 ET (10:13 GMT)
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