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LG suffers Q1 loss in mobile business as sales fall
2016-04-28 08:59:00| Telecompaper Headlines
(Telecompaper) LG Electronics reported a strong improvement in first-quarter profits, as losses in its mobile phone business were offset by growth in consumer electronics and home appliances. Operating profit rose 65.5 percent year-on-year to KRW 505.2 billion (USD 420.25 million), and net profit increased to KRW 198.1 billion from a loss of KRW 140.5 billion a year ago. Revenues were still down 4.5 percent to KRW 13.99 trillion. At the mobile division, sales were down 15.5 percent year-on-year and 19.3 percent lower versus Q4 at KRW 2.963 trillion. The operating result moved to a loss of KRW 202.2 billion from a profit of KRW 56.8 billion a year ago. LG shipped 13.5 million smartphones in the quarter, down 12 percent year-on-year and sequentially.
Tags: business
sales
mobile
fall
Category:Telecommunications