Asia Tech Wire (Oct 8) -- South Korea's LG Electronics reported results on Tuesday, preliminarily verifying that the company's third-quarter operating profit decreased by 20.9% year-on-year to 751.1 billion won.

Meanwhile, the company reported sales of 22.1769 trillion won for the quarter, up 10.7% year-on-year, the fourth consecutive quarter of growth and the highest ever for the same period.

In releasing its second-quarter results, LG Electronics had said that it expects shipping costs to jump about 58% year-on-year in the second half of the year, and that the cost of marketing competition, such as advertisements, will also rise.

Regarding the third-quarter results, the company said that the external environment, such as sluggish demand recovery, rising raw material costs and changes in shipping costs, did not see any improvement, but the company's sales scale continued to expand in a meaningful way.

LG Electronics said its efforts in restructuring and optimizing its business will ultimately translate into improved competitiveness, thus maintaining the company's momentum.

In addition, LG Electronics reported cumulative sales of 64.9672 trillion won in the first three quarters of this year, up 9.1% year-on-year, and operating profit of 3.2836 trillion won, down 1.7%.