[Asia Economy Reporter Suyeon Woo] LG Corporation succeeded in defending its performance amid the global economic downturn caused by the novel coronavirus disease (COVID-19).
LG Corporation announced on the 30th that its preliminary consolidated results for the third quarter of this year recorded sales of 3.1552 trillion KRW and an operating profit of 34.9 billion KRW. Compared to the same period last year, sales increased by 14.3% and operating profit by 19.5%. Compared to the previous quarter, these figures rose by 36.7% and 15.6%, respectively.
LG Corporation attributed the rebound in third-quarter performance mainly to increased trading volumes of palm oil, IT components, and solid achievements in the logistics sector.
An LG Corporation official stated, "Despite weak resource prices and a decline in exchange rates, operating profit increased due to a surge in urgent cargo volumes in the logistics sector and strengthened profitability in warehouse and delivery (W&D) operations. We are focusing on producing tangible results in new healthcare-related businesses in the medical and health sectors and developing information and communication technology (ICT) solution businesses, which are being pursued to secure mid- to long-term growth engines."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
