Tags: AS | SKorea | Earns | LG Electronics

LG Electronics' Net Profit Falls 43 Percent on Mobile Loss

LG Electronics' Net Profit Falls 43 Percent on Mobile Loss

Thursday, 26 July 2018 05:38 AM

SEOUL, South Korea (AP) — LG Electronics says its second-quarter net profit dropped 43 percent as its mobile business logged a bigger loss.

South Korean consumer electronics maker LG said Thursday that its April-June earnings were 283 billion won ($253 million), compared with 498 billion won a year earlier.

Sales rose 3 percent to 15 trillion won ($13.4 billion) while operating profit rose 16 percent to 771 billion won ($689 million).

LG's mobile business posted a deeper operating loss as its device sales declined amid sluggish growth in the global smartphone market. It spent more on marketing to promote its new G7 smartphone.

LG, which has been betting on vehicle components to seek new growth, said uncertainty in the global auto and auto components markets will likely continue due to U.S. trade policies.

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LG Electronics says its second-quarter net profit dropped 43 percent as its mobile business logged a bigger loss.South Korean consumer electronics maker LG said Thursday that its April-June earnings were 283 billion won ($253 million), compared with 498 billion won a year...
AS,SKorea,Earns,LG Electronics
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2018-38-26
Thursday, 26 July 2018 05:38 AM
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