LG Electronics has posted its highest ever quarterly profits in the third quarter of 2020.
The South Korean electronics maker said it expects operating profits of 959 billion won and sales of 16.92 trillion won in the quarter.
It is a rise of 22.7% and 7.8%, respectively, year over year.
South Korean analysts’ consensus for the quarter was operating profits of 850 billion won and sales of 16.21 trillion won.
Recovery of demand after COVID-19 pandemic damped demand in the first half helped the performance.
LG’s TV and home appliance businesses are to have led the growth.
The two business combined likely contributed 900 billion won in operating profits.
The smartphone business is likely still in the red. But rate of loss is likely reduced __ South Korean analysts expect an operating loss of around 150 billion won.
The vehicle solution business also likely posted an operating loss but of only around 60 billion won, much better than the second quarter’s operating loss of 200 billion won.
This is likely thanks to automobile production resuming after the COVID-19 pandemic.