The company’s increases in profit and revenue were backed by strong home electronics sales.
LG Electronics announced on Friday it posted 959 billion won ($807 million) in operating profit and 16.9 trillion won ($14.2 billion) in revenue for the third quarter of 2020. It is an increase of 22.7% and 7.8%, respectively, year-on-year. According to LG, the growth was led by strong sales from its home appliances and home entertainment products. The company’s home appliance business saw profit soar 56.6% year-on-year to 671.5 billion won ($565 million) for the quarter. The business also contributed 6.16 trillion won in sales, its highest ever for a quarter, LG said. Washing machines and stylers showed high demand in the quarter, the company said, adding that it expects the fourth quarter to be even more profitable.
