LG Innotek Q4 Operating Profit 483.7 Billion KRW in 2023, Up 163.7% YoY

Q4 Sales Increased 15.4% to 7.5586 Trillion Won Last Year

LG Innotek announced on the 25th that it recorded sales of KRW 7.5586 trillion and an operating profit of KRW 483.7 billion in the fourth quarter of last year under the Korean International Financial Reporting Standards (K-IFRS). Compared to the same period last year, sales increased by 15.4% and operating profit surged by 184.6%. Compared to the previous quarter, sales rose by 58.7% and operating profit increased by 163.7%.

[Image source=Yonhap News]

An LG Innotek official explained, "The supply of high-value-added camera modules, 3D sensing modules, and substrates for semiconductors for new smartphone models has fully commenced, achieving the highest quarterly performance."

On an annual basis, sales reached KRW 20.6053 trillion, up 5.2% from the previous year, marking the first time sales exceeded KRW 20 trillion. However, due to the global economic downturn and sluggish demand in the IT sector, operating profit for the same period was recorded at KRW 830.8 billion, down 34.7%.

Park Ji-hwan, LG Innotek’s Chief Financial Officer (CFO), said, "Although uncertainty in the business environment is expected to remain high this year, we will continue to grow our profit base by strengthening quality and price competitiveness through digital manufacturing process innovation."

He added, "We will accelerate the establishment of a solid business structure, led by future mobility core components such as sensing, communication, and lighting modules, as well as high-value-added semiconductor substrates like FC-BGA."