SEOUL (dpa-AFX) - LG Electronics Ltd. (LGEPF.OB, LGEJY.OB, LGEIY.OB, LGEAF.OB) on Thursday reported lower operating profit in fiscal 2024, despite growth in revenues.
The South Korean consumer electronics major's operating profit was 3.42 trillion Korean Won for the year, a slight decline from the previous year, primarily due to delayed recovery in global demand for home appliances and increased logistics costs in the second half of the year.
However, consolidated revenue was 87.73 trillion Won, a new record for the highest annual revenue in its history. In the year, home appliances and the vehicle components business continued their growth, contributing to the company's highest revenue achievement. The LG Home Entertainment Company and Business Solutions Company also reported increased revenue.
LG Home Appliance & Air Solution Co. reported a revenue of 33.2 trillion Won in 2024, achieving double-digit revenue growth last year. Operating profit reached 2.04 trillion Won.
LG Home Entertainment Company reported a revenue of 15.23 trillion Won and an operating profit of 315.9 billion Won in 2024. Sales of OLED TVs saw growth in regions such as Europe and Asia, driven by global sports events.
Looking ahead, LG said it will 'consistently pursue qualitative growth through business portfolio innovation, despite the rapidly changing global market and competitive environment. Following the regrouping of the company's business operation units at the end of last year, LG aims to enhance synergies between its businesses and improve operational efficiency.'
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