The operating profit of LG Electronics Q4 in 2022 was only 65.5 billion won, a year-on-year drop of 91.2%.

CTOnews.com, January 6 (Xinhua)-- LG Electronics Q4 suffered a profit shock in 2022 due to shrinking demand due to the global economic recession, and its main business, such as televisions and home appliances, was depressed as a whole, according to Yonhap news agency.

Preliminary calculations show that LG Electronics Q4 operating profit in 2022 was 65.5 billion won, down 91.2% from a year earlier. LG said the collapse was due to higher raw material prices, higher logistics and marketing costs and a sharp fall in the exchange rate.

But miraculously, LG Electronics didn't have much impact on revenue this quarter. CTOnews.com learned that LG Electronics' fourth-quarter revenue rose 5.2 per cent year-on-year to a quarterly high of 21.85 trillion won, but the company did not release net income figures.

In 2022, LG Electronics' operating profit was estimated at 3.54 trillion won, down 12.6% from a year earlier; annual sales rose 12.9% year-on-year to a record 83.46 trillion won. Net profit figures are unknown. This is the first time that the company has recorded annual sales of more than 80 trillion won. LG Electronics shares closed 0.89 per cent higher at 90700 won on the Seoul Stock Exchange, down from a 1.12 per cent rise in the KOSPI index.

According to a survey by Yonhap Infomax, a financial data company owned by Yonhap news agency, Tuyuan Pixabay's operating profit was 79.5% lower than the average forecast.

LG shares closed up 0.89 per cent at 90700 won on the Seoul Stock Exchange on Friday, underperforming the 1.12 per cent rise in the Kospi index.