LG Electronics' Q4 operating profit down 91.2% to 65.5 bil. won
LG Electronics' headquarters in Yeouido, Seoul / Yonhap
LG Electronics on Friday estimated its fourth-quarter operating earnings at 65.5 billion won ($51.6 million), down 91.2 percent from a year earlier.
Revenue increased 5.2 percent to 21.85 trillion won. The data for net income was not available.
The operating profit was 79.5 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Revenue increased 5.2 percent year-on-year to 21.85 trillion won, marking a quarterly high, according to the earnings guidance released by the company. But it did not release the data for net income.
For 2022, Korea's No. 2 home appliances maker posted an estimated 3.54 trillion won in operating profit, down 12.6 percent from a year earlier.
Its annual sales expanded 12.9 percent year-on-year to a record 83.46 trillion won, with the data for net profit not available.
It is the first time the company logged more than 80 trillion won in annual sales.
Shares in LG Electronics closed up 0.89 percent to 90,700 won on the Seoul bourse Friday, underperforming the broader KOSPI's 1.12 percent gain. The earnings guidance was released after the market closed. (Yonhap)