LG profit sinks as smartphone business suffers loss
09 November 2015, 18:56
Seoul — LG Electronics says its mobile communications division posted its first operating loss in more than a year, dragging down the company's overall earnings for the third quarter.
The Korean company said Thursday the mobile business lost 77.6 billion won ($68 million) for the July-September quarter. Its overall net income sank 48 percent over a year earlier to 83.7 billion won.
LG said it shipped 15 million smartphones during the quarter but its smartphones could not command high prices in the market. Its TV business turned profitable for the first time in three quarters.
Its home appliance business, which makes washing machines and refrigerators, contributed more than 80 percent of overall profit.
Sales fell 5 percent to 14 trillion won. Operating profit slumped 37 percent to 294 billion won.
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