LG Innotek 2022 net up 10.3% on demand for auto components

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LG Innotek 2022 net up 10.3% on demand for auto components

Published: 25 Jan. 2023, 18:53 Updated: 25 Jan. 2023, 18:53

A mockup of a vehicle consisting of 16 components made by LG Innotek at CES 2023 [NEWS1]

LG Innotek, an IT parts manufacturer, on Wednesday said its net profit for 2022 rose more than 10 percent, helped by robust sales of high-value products and growing demand from automotive components customers.

In a regulatory filing, LG Innotek, Apple's largest partner in the field of optics, reported a net income of 979.8 billion won ($795.5 million) for last year, up 10.3 percent from a year earlier.

The company, an affiliate of LG group, said it posted 1.27 trillion won in operating profit last year, similar to an operating income of 1.26 trillion the previous year.

Annual revenue rose 31.1 percent on-year to 19.58 trillion won last year.

LG Innotek's businesses range from core components for mobile and automotive displays to semiconductors and smart products.

For the September-December period, however, its net income posted a 22.3 percent on-year decline to come in at 203.9 billion won, as its major customers cut back on production amid China's prolonged Covid-19 lockdowns and global economic slowdown.

The major camera module supplier posted 170 billion won in operating profit during the fourth quarter, down 60 percent from a year earlier, while its revenue rose 14.4 percent to 6.54 trillion won over the cited period.

Yonhap