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LG Annouces Financial Performance for 2023

LG Electronics

LG Electronics Inc. (LG) has unveiled its financial results for 2023, showcasing a consolidated revenue of KRW 84.2 trillion and an operating profit of KRW 3.55 trillion. This marks the third consecutive year of record-breaking revenue and solid operating profit levels, even amid economic challenges.

Despite external factors like economic slowdowns, LG's core businesses in home appliances and vehicle components have shown resilience, maintaining growth for eight straight years. Combined revenue from these sectors exceeded KRW 40 trillion last year, up from KRW 18 trillion in 2015.

LG attributes its success to strategic efforts to enhance its business portfolio. The company expanded its B2B operations and integrated new business models like subscription services. Leveraging its large user base, LG's content and service business model also contributed to profitability.

Looking forward, LG is focused on transitioning towards future growth. The company aims to maximize its potential by breaking through limits and expanding product coverage, especially in emerging markets.

In 2023, LG's Home Appliance & Air Solution Company achieved an annual revenue of KRW 30.14 trillion and an operating profit of KRW 2.08 trillion. The company plans to accelerate its shift towards future readiness, including direct-to-consumer initiatives and smart home solutions.

LG's Vehicle Component Solutions Company recorded an annual revenue of KRW 10.1 trillion and an operating profit of KRW 133 billion. The company aims to drive both external and qualitative growth, focusing on areas like in-vehicle infotainment and e-Powertrain.

The Home Entertainment Company recorded an annual revenue of KRW 14.2 trillion and an operating profit of KRW 362 billion. LG plans to strengthen its OLED and QNED lineups while transforming into a media and entertainment powerhouse.

LG's Business Solutions Company saw an annual revenue of KRW 5.4 trillion and an operating loss of KRW 42 billion. The company plans to position itself with competitive IT products and target distinct verticals for business opportunities, prioritizing investments for future growth.

In summary, LG's 2023 financial results reflect its resilience and strategic focus amidst challenging economic conditions. The company remains committed to innovation and growth across its diverse business segments.
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