LG Electronics Q3 net profit rises 53.7% on new businesses

LG Electronics said on Wednesday that its third quarter net profit jumped 53.7 percent from a year earlier, driven by solid growth in its core home appliance and TV divisions and new businesses such as robotics and cooling solutions for AI data centers.

Net profit came to 708.4 billion won ($529.4 million) for the July-to-September period, the Korean consumer electronics maker said.

Operating profit rose to 781.9 billion won from 688.9 billion won a year earlier, and sales increased 8.9 percent to 23.82 trillion won.

For the first nine months of the year, sales came to 71.38 trillion won and operating profit to 4.03 trillion won, marking record highs.

LG Electronics said that its core businesses maintained solid growth despite a challenging external environment, including the war in the Middle East. Emerging businesses, such as robotics and AI data center cooling solutions, also contributed to overall growth.

LG Electronics added that it plans to build on the competitiveness of its core businesses to expand future growth engines, including AI data center cooling solutions and robotics.

Its robotics business, a key area of physical AI, has begun partial operations at what the company described as Korea’s largest data factory.

Its AI home solutions business is also working with global technology companies to build an ecosystem based on the latest Internet of Things, or IoT, technologies.

In the fourth quarter, LG Electronics plans to pursue growth in business-to-business operations, subscription services and online sales while responding to external uncertainties by diversifying its supply chain and improving operational efficiency.

Yonhap