LG Electronics announced on Friday it posted 959 billion won ($807 million) in operating profit and 16.9 trillion won ($14.2 billion) in revenue for the third quarter of 2020.
It is an increase of 22.7% and 7.8%, respectively, year-on-year.
According to LG, the growth was led by strong sales from its home appliances and home entertainment products.
The company's home appliance business saw profit soar 56.6% year-on-year to 671.5 billion won ($565 million) for the quarter.
The business also contributed 6.16 trillion won in sales, its highest ever for a quarter, LG said.
Washing machines and stylers showed high demand in the quarter, the company said, adding that it expects the fourth quarter to be even more profitable.
LG's TV business also saw a resurgence during the quarter through growing demand for premium products, such as its OLED TVs[1], in mature markets such as North America and Europe.
The TV business contributed 326.6 billion won ($275 million) in operating income, which was an increase of 13.2% year-on-year.
LG's mobile business, meanwhile, posted an operating loss of 148.4 billion won ($125 million).
It is the mobile business' 22nd consecutive quarter of loss but the South Korean company said the rate of loss was narrower when compared to the same period a year ago and the previous quarter[2].
Compatriot Samsung Electronics also saw demand for home electronics soar in the third quarter[3], with the company saying there has been pent-up demand following the COVID-19 pandemic.
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