LG makes loss despite good sales

Source: Agencies | January 23, 2009, Friday |

Print Edition

LG Electronics Inc, a major manufacturer of mobile phones and other electronics products, said on Thursday it made a net loss in the fourth quarter amid falling prices for televisions and losses in overseas subsidiaries.

LG Electronics lost 671.3 billion won (US$487.2 million) in the three months to December 31, the company said in a regulatory filing. It recorded a net profit of 621.3 billion won a year earlier.

Quarterly sales rose 12.2 percent to 6.59 trillion won - up from 5.87 trillion won a year earlier.

A bright spot for the company, which also makes household appliances and personal computers, was an increase in shipments of mobile phone handsets of 8 percent from the same period the year before to 25.7 million, LG said in a release. That pushed its 2008 handset sales to a record 100.7 million, up from 80.5 million in 2007.

The company said profit was hurt by a 294-billion-won loss by overseas subsidiaries and affiliates, including a 214-billion-won loss from flat panel manufacturer LG Display Co, in which it owns a 37.9-percent stake.

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LG makes loss despite good sales

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