LG Electronics still in black after good quarter

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LG Electronics still in black after good quarter


LG Electronics’ new R&D center in Changwon, South Gyeongsang, opened on Thursday. [LG ELECTRONICS]

LG Electronics said Thursday it turned a net profit in the third quarter after posting losses a year earlier.

The company’s net profit came to 336 billion won ($298 million) in the July-September period, compared with a net loss of 81.5 billion won posted a year earlier, LG Electronics said in a regulatory filing.

Operating profit came to 516 billion won, also up 82.2 percent over the cited period. Sales advanced 15.1 percent to reach 15.2 trillion won.

The figures are in line with the guidance report released earlier this month.

The company also on Thursday opened a new research and development center in its production line located in the southern part of the country, which will accommodate 1,500 researchers.

The opening came around two years after the tech giant started the construction of the facility in Changwon, South Gyeongsang in March 2015. LG Electronics invested 150 billion won in the project to build the 20-story building.

The company said its staff at the center will focus on developing home appliances, including refrigerators, ovens and dish washers.

LG said the center boasts top-notch facilities, including 3-D printers, and will be 50 percent more spacious for researchers compared with its previous labs.

The products developed at the center will be manufactured not only in Changwon but also in China, Poland, Vietnam and Mexico as well, it added.

Last month, the company also said it will spend 600 billion won throughout 2022 on renovating its aged kitchen appliances production lines in Changwon, adopting Internet of Things, artificial intelligence and big-data technologies for more efficient production processes.

LG said such projects will help Changwon rise as the company’s strategic headquarters to tap deeper into the global market for home appliances.


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