LG Electronics' operating profit tumbles 91.2 pct in Q4 of 2022

South Korea's tech firm LG Electronics saw its operating profit tumble in the fourth quarter of last year, the company said Friday.

Preliminary operating profit came to US$51.9 million during the October-December quarter, down 91.2 percent from a year earlier.

It missed market expectations of about US$252.8 million.

Preliminary revenue grew 5.2 percent over the year to hit a record high of US$17.3 billion in the fourth quarter.

The sharp drop in operating profit was attributable to higher commodity prices, rising marketing costs and the local currency's appreciation to the greenback during the quarter.

For the whole year of 2022, LG's preliminary revenue gained 12.9 percent to reach a fresh high of US$66.1 billion, but its operating profit declined 12.6 percent to US$2.8 billion.