(RTTNews) - Shares of LG Electronics Ltd. (LGEPF.OB) gained around 7 percent in South Korean trading on Tuesday after the electronic appliances major reported higher operating profit in its third quarter.
The company recorded its second highest third-quarter operating profit and revenues in the company's history, driven by home appliances and vehicle solutions.
LG reported operating profit of 996.7 billion Korean won in the third quarter, more than 30 percent compared to the same period last year as well as the second quarter of 2023.
Consolidated revenues were 20.7 trillion won.
The company said it accelerated the qualitative growth of its business driven by the major business of home appliances as well as vehicle solutions, its future growth engine, despite the economic slowdown and prolonged decline in demand.
The LG Vehicle component Solutions' order backlog is expected to reach 100 trillion won by the end of the year. The company is expected to exceed 10 trillion won in annual sales for the first time this year.
In South Korea, LG shares traded at 105,100 won, up 7.03 percent.
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