LG Electronics forecast a record Q4 2020 performance, with sales and operating profit on the rise as the company offset weakness in mobile with its thriving home appliances division.
In a preliminary earnings statement, the company reported revenue of KRW18.8 trillion ($17.2 billion) up 16.9 per cent year on year. Operating income was tipped to reach KRW647 billion compared with KRW98.6 billion in Q4 2019.
The figures “are the highest ever reported for a fourth quarter in LG’s history”, it stated.
Analysts told Yonhap News Agency LG’s struggling mobile business was projected to have remained in the red during the quarter.
However, the company looked to have shrugged off weakness in the US dollar and Covid-19 (coronavirus) lockdowns in Europe, as home appliance sales and its air solutions business continued to grow, mainly through online sales.
For full year 2020, sales reached KRW63.3 trillion and operating profit KRW3.2 trillion.
LG is due to release its official earnings later this month.