Seoul, Oct 13
LG Electronics, a leading home appliance manufacturer in South Korea, said on Monday that its third-quarter operating profit is estimated to have dropped more than 8 percent from a year earlier due to rising tariff costs.
Operating profit for the three months ended in September came to an estimated 688.9 billion won ($482.6 million), down 8.4 per cent from a year earlier, the company said in a regulatory filing, reports news agency.
Its revenue decreased 1.4 per cent on-year to 21.87 trillion won. The data for net income was not available.
The operating profit, however, beat market expectations as it was 13.9 per cent higher than the average estimate, according to a survey.
LG Electronics attributed the profit decline to rising tariff burdens, particularly stemming from changes in the U.S. trade policy.
Its voluntary retirement program also contributed to the weak bottom line, it added.