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(LEAD) LG Electronics Q4 operating profit down 91.2 pct to 65.5 bln won

Earnings 16:30 January 06, 2023

(ATTN: ADDS more info from 2nd para)

SEOUL, Jan. 6 (Yonhap) -- LG Electronics Inc. on Friday estimated its fourth-quarter operating earnings at 65.5 billion won (US$51.6 million), down 91.2 percent from a year earlier.

Revenue increased 5.2 percent on-year to 21.85 trillion won, marking a quarterly high, according to the earnings guidance released by the company. But it did not release the data for net income.

The operating profit was 79.5 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

For 2022, South Korea's No. 2 home appliances maker posted an estimated 3.54 trillion won in operating profit, down 12.6 percent from a year earlier.

Its annual sales expanded 12.9 percent on-year to a record 83.46 trillion won, with the data for net profit not available.

It is the first time the company logged more than 80 trillion won in annual sales.

Shares in LG Electronics closed up 0.89 percent to 90,700 won on the Seoul bourse Friday, underperforming the broader KOSPI's 1.12 percent gain. The earnings guidance was released after the market closed.

A flag with the logo of LG Electronics Inc. is shown in this undated file photo taken in Yeouido, Seoul. (Yonhap)

A flag with the logo of LG Electronics Inc. is shown in this undated file photo taken in Yeouido, Seoul. (Yonhap)

brk@yna.co.kr
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