April 20, 2024

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[THE INVESTOR] LG Innotek, the electronics parts unit of LG Group, suffered an operating loss of 34 billion won (US$30 million) in the April-June period, the company said in its quarterly earnings report on July 27.

Revenue stood at 1.12 trillion won, down 22.6 percent from a year ago.

The company said the slowing demand for smartphones has affected its overall sales negatively, adding that it would making a big push on the more lucrative automotive parts business as its new growth engine.

In the second quarter, car parts sales soared 29 percent to 200.9 billion won. In the first half of this year, the company said it has secured related orders worth 1.1 trillion won. The company predicted an additional 2 trillion won orders in the latter half of this year.

By Lee Ji-yoon (jylee@heraldcorp.com)