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LG Electronics Incorporated reported preliminary 3Q 2021 consolidated results, including sales of KRW 18,786.7 billion, gross profit of KRW 4,786.8 billion, operating income of KRW 540.7 billion, and net income of KRW 516.5 billion. The company also recognized provisions of KRW 480 billion for the Chevy Bolt EV recall in 3Q 2021 and treated the LG Mobile Communications Company's earnings as discontinued operating losses for the quarter, adjusting 2Q 2021 and 3Q 2020 earnings accordingly.
| Date | 28 Oct 2021 |
| Time | 07:05:33 |
| Category | Results |
| ID | 5526Q |
3Q 2021 Results Report
|
(Billions of KRW) |
LGE Consolidated, K-IFRS |
||
|
|
2021 3Q |
2021 2Q |
2020 3Q |
|
Sales |
18,786.7 |
17,113.9 |
15,398.6 |
|
Gross Profit |
4,786.8 |
4,534.4 |
4,270.5 |
|
Operating Income |
540.7 |
878.1 |
1073.8 |
|
Net Income before Tax |
630.9 |
1,070.4 |
928.5 |
|
Net Income |
516.5 |
-291.9 |
649.2 |
With the official closure of the LG Mobile Communications Company at the end of the month, the unit's earnings will not be reflected in this quarter's earnings report and will be treated as discontinued operating losses. Earnings for the 2nd quarter of 2021 and the 3rd quarter of 2020 will also be adjusted to reflect this change.
l All information regarding the financial results of LG Electronics during the 3rd quarter of 2021 as contained herein has been prepared on a consolidated basis in accordance with International Financial Reporting Standards ("IFRS").
l LG Electronics recognizes provisions of KRW 480 billion for the recall of the Chevy Bolt EV in the
3rd quarter. The amount of provisions is subject to change.
l The information regarding results of the 3rd quarter of 2021 has been prepared in advance, prior to being reviewed by outside auditors, solely for the convenience of investors of the Company, and is subject to change in the process of final review by outside auditors. Please see other notes and disclaimers at our website.