Logo of Phnom Penh Post newspaper Phnom Penh Post - LG International operating profit increases 18.5% in 2020

LG International operating profit increases 18.5% in 2020

Content image - Phnom Penh Post
LG International saw its operating profit climb 18.5 per cent year-on-year in 2020, on the back of the improved profitability in logistics. AFP

LG International operating profit increases 18.5% in 2020

LG International, the trading arm of South Korea’s LG Group, saw its operating profit climb 18.5 per cent year-on-year in 2020, on the back of the improved profitability in logistics, the company said on January 29 in a regulatory filing.

Data showed that the company’s yearly sales came to 11.28 trillion won ($10.1 billion), up 7.1 per cent from a year earlier, and its operating profit reached 159.8 billion won, up 18.5 per cent during the same period.

The operating profit marked a visible expansion during the last three months, logging 44.8 billion won, which was up 2,535.3 per cent from a year earlier. The quarterly revenue also rose 29 per cent to 3.37 trillion won.

Steering such growth was the logistics sector, which has benefited from the company’s expanded overseas business.

“The operating profit was largely attributable to the cost efficiency improvement in logistics and the stabilisation of the warehouse and delivery business,” the company said.

Also, the crude palm oil trading partly offset the deficits made in the sluggish coal market, officials added.

“This year, we shall seek to maximise the asset value and profit in the energy and palm [oil] sectors, while penetrating into the eco-friendly businesses,” said an official.

Meanwhile, South Korea’s fourth-largest conglomerate – in terms of assets as of end-2020 – is gearing to set up a new holding company to split its current affiliates.

The new holding company will have LG International, LG Hausys, LG MMA and Silicon Works under its umbrella and is to be managed by board of directors led by Koo Bon-joon, an uncle of current LG Group chairman Koo Kwang-mo and a younger brother of late LG Group chief Koo Bon-moo.

Group chairman Koo, great-grandson of founder Koo In-hwoi, will continue to focus on the group’s flagship businesses such as electronics, chemical and telecommunications.

The conglomerate’s split-off plan will be confirmed at the shareholders’ meeting in March.



  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports