LG Corp. announced on the 14th that it recorded sales of 1.7977 trillion won and operating profit of 276.8 billion won in the second quarter of this year. Sales decreased by 1% compared to the same period last year, and operating profit fell by 11%. Net profit for the period was reported at 244.1 billion won, down 60%.
The poor performance of electronic affiliates such as LG Electronics and LG Innotek led to a decrease in the holding company's operating profit. Operating profit for LG Electronics and LG Innotek fell by 46.6% and 92.5%, respectively, compared to the same period last year. In the case of LG Display, the operating loss widened to 116 billion won, compared to the previous year.
LG Chem saw an increase in operating profit due to improved profitability at its battery subsidiary, LG Energy Solution, but the petrochemical sector continued to struggle. LG Chem's operating profit increased by 21.5% to 476.8 billion won, while LG Energy Solution recorded a 152% increase to 492.2 billion won. In contrast, the petrochemical sector incurred an operating loss of 90.4 billion won, marking three consecutive quarters of deficit since the fourth quarter of last year.
In the first half of this year, LG Corp.'s cumulative sales reached 3.7338 trillion won, a rise of 8% compared to the previous year, while operating profit increased by 25% to 914.9 billion won.