LG Innotek's net up 10.3% in 2022 on auto components demand

LG Innotek Co. posted a net income of 979.8 billion won in 2022, up 10 percent on-year, due to robust sales of high-value products and growing demand from automotive components.

The company, an affiliate of LG group and Apple’s largest optics partner, posted an operating profit of 1.27 trillion won last year, slightly high than its operating income of 1.26 trillion in 2021.

Annual revenue rose 31.1 percent on-year to 19.58 trillion won last year.

LG Innotek’s businesses range from core components for mobile and automotive displays to semiconductors and smart products.

However, the company suffered a 22.3 percent on-year decline in its net income to come in at 203.9 billion won, due to its major customers cutting back on production amid China’s prolonged COVID-19 lockdowns and global economic slowdown.

It suffered a 60 percent on-year decline in operating profit in the fourth quarter, at 170 billion won, while its revenue rose 14.4 percent to 6.54 trillion won over the cited period.