LG Electronics reports record Q4 revenue, profit plunges.

Philip Lee -

SEOUL, South Korea - LG Electronics (066570. KS) posted a 91.2% drop in fourth-quarter operating profit despite record revenue, according to preliminary results released on Friday.

The consumer electronics giant reported:

  • Q4 revenue: KRW 21.9 trillion ($17.6 billion), up 5.2% year-on-year
  • Q4 operating profit: KRW 65.5 billion, down 91.2% year-on-year
  • Full-year 2022 revenue: KRW 83.5 trillion, up 12.9% from 2021
  • Full-year 2022 operating profit: KRW 3.5 trillion, down 12.6% year-on-year

LG said the figures were based on consolidated K-IFRS financial statements. The company will release full earnings results, including net profit, later this month.