LG Electronics’ preliminary operating profit logs double-digit fall in Q3

SEOUL, Oct. 8 (Xinhua) — South Korean tech giant LG electronics logged a double-digit fall in third-quarter operating profit due to higher costs for logistics and marketing, the company said Tuesday.
Preliminary operating profit declined 20.9 percent from a year earlier to 751.1 billion won (556.8 million U.S. dollars) in the July-September quarter, missing marketing expectations of about 970 billion won (719.1 million dollars).
The double-digit reduction was attributed to higher marketing expense and an increase in maritime freight rate.
Preliminary revenue expanded 10.7 percent to 22.18 trillion won (16.4 billion dollars) in the cited quarter, continuing to grow for the fourth straight quarter.
The revenue expansion was ascribed to the company’s efforts to upgrade its business portfolio through changes in business models and strengthened business-to-business operations.
Net income and detailed earnings in each business unit will be unveiled later this month. ■