LG Electronics Inc. notched record earnings in the fourth quarter, thanks to brisk sales for televisions and home appliances amid the Covid-19 pandemic.
The strong performance by the South Korean consumer-electronics giant suggests extended periods of staying and working at home amid the pandemic provided strong support for demand.
Net profit for the quarter was 262.30 billion Korean won ($235.6 million), compared with net loss of KRW849.80 billion in the same quarter a year earlier, the company said Friday.
That was below a FactSet consensus forecast for net profit of KRW287.18 billion.
Fourth-quarter revenue rose 17% to KRW18.781 trillion, while operating profit jumped six-fold to KRW650.20 billion.
For 2020, net profit surged 11-fold to KRW2.064 trillion. Revenue rose 1.5% to KRW63.262 trillion, while operating profit jumped 31% to KRW3.195 trillion.
LG Electronics said its latest earnings set records for the quarter and the year, as the home-appliance and premium TV segments, among others, maintained solid growth.
The company said its smartphone business remained sluggish through the year. LG recently suggested a possible disposal of the segment, which has been in the red for nearly six years.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
January 29, 2021 at 02:05PM
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