South Korea’s tech firm, LG Electronics, saw its operating profit tumble in the fourth quarter of last year, the company said yesterday.
Preliminary operating profit came to 65.5 billion won (51.9 million U.S. dollars) during the Oct-Dec quarter, down 91.2 percent from a year earlier.
It missed market expectations of about 319 billion won (252.8 million dollars).
Preliminary revenue grew 5.2 percent over the year, to hit a record high of 21.86 trillion won (17.3 billion dollars) in the fourth quarter.
The sharp drop in operating profit was attributable to higher commodity prices, rising marketing costs and the local currency’s appreciation to the greenback during the quarter.
For the whole year of 2022, LaG’s preliminary revenue gained 12.9 percent, to reach a fresh high of 83.47 trillion won (66.1 billion dollars), but its operating profit declined 12.6 percent to 3.55 trillion won (2.8 billion dollars).
Source: NAM NEWS NETWORK