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LG posts Q4 loss on fine; mobile sales improve
2013-01-30 08:51:00| Telecompaper Headlines
(Telecompaper) LG Electronics reported a net loss of KRW 468 billion (USD 429 million) for the fourth quarter, hurt by a fine over CRT pricing from the EU. Revenues were down 2.2 percent from a year earlier to KRW 13.50 trillion, as growth in mobile phones was offset by weaker sales of consumer electronics and appliances. Operating profit improved to KRW 107 billion from KRW 86 billion thanks to cost reductions. LG's mobile division improved sales 1.3 percent year-on-year and 14.9 percent from the previous quarter to KRW 2.81 billion. The company shipped 15.4 million phones in the three months to December, up 7 percent from Q3, and smartphone sales rose 23 percent on a sequential basis to 8.6 million units. LG said its premium LTE smartphones such as the Optimus G and Vu:2 increased sales in the quarter, as did the L-series and Google Nexus 4. With more European and emerging markets introducing LTE services this year, LG plans to increase smartphone revenues and market share by launching follow-up devices to the Optimus G and the L-series as well as the new mass-market LTE F-series. The division moved to an operating profit of KRW 56 billion for the quarter, versus a loss of KRW 3 billion a year earlier.
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Category:Telecommunications