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LG Electronics' Q2 profit drops 12 pct on slow demand, high logistics costs

All News 15:11 July 29, 2022

SEOUL, July 29 (Yonhap) -- LG Electronics Inc. on Friday said its second-quarter operating profit decreased 12 percent on-year amid rampant inflation that hurt consumer demand for TVs and other home appliances.

Its operating income came in at 792 billion won (US$609 million) for the April-June quarter, falling short of analysts' expectations surveyed by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Revenue increased 15 percent from the year-ago quarter to 19.5 trillion won.

LG said its TV business shrank for the three months ending in June, as marketing costs rose and people spent less time at home.

While overall consumer demand declined, the company said premium home appliances were still in high demand, especially in North America, and continued to deliver double-digit growth.

The headquarters of LG Electronics Inc. in Seoul (Yonhap)


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