Seoul: LG H and H Co. announced on Tuesday its financial results for the third quarter, revealing a net profit of 73.5 billion won (approximately US$53 million), which marks a 19.5 percent decrease compared to the same period last year. The results highlight a challenging quarter for the company, which faced declines in both operating profit and revenue.
According to Yonhap News Agency, LG H and H Co. disclosed in a regulatory filing that its operating profit for the July-September period experienced a 17.4 percent year-on-year decline, reaching 106.1 billion won. Additionally, the company’s revenue saw a 1.9 percent decrease, amounting to 1.71 trillion won. These figures fell short of market expectations, as analysts had projected an average net profit of 92.4 billion won, based on a survey conducted by Yonhap Infomax, the financial data branch of Yonhap News Agency.