SEOUL, Oct. 10 (Yonhap) — LG Electronics Inc. reported on Tuesday that its operating profit for the third quarter of the year increased 33.5 percent year-on-year, driven by strong sales of home appliances.
The South Korean tech giant posted 996.7 billion won (US$738 million) in operating profit for the July-September period, up from 746.6 billion won in the same period last year. Sales, however, decreased by 2.2 percent to 21.17 trillion won.
The operating profit figure was 20.2 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
LG Electronics attributed its improved performance to the expansion of its B2B operations such as electric automotive parts and heating and air conditioning solutions. Additionally, the company said it has benefited from combining products and content services while leveraging its premium product lineups, such as OLED televisions, to boost overall sales.
The company further noted that its television business has been operating efficiently despite a decrease in demand, while its content-service business has seen significant growth, transitioning from a product-centric approach to a media and entertainment-oriented platform.
LG Electronics will release its final earnings report later.