LG Electronics says third-quarter profit down 3.7 percent vs. year earlier
Reuters
Published Oct 27, 2016 03:18AM ET
LG Electronics says third-quarter profit down 3.7 percent vs. year earlier
SEOUL (Reuters) - South Korea's LG Electronics Inc (KS:066570) said on Thursday its third-quarter operating profit fell 3.7 percent from a year earlier, dragged down by a record quarterly loss for its mobile division.
The world's No. 2 television maker behind Samsung Electronics Co Ltd (KS:005930) said in a regulatory filing its July-September profit was 283 billion won ($248 million), matching an earlier estimate. Revenue for the quarter dropped 5.7 percent to 13.2 trillion won.
LG's mobile division reported its worst-ever quarterly operating loss of 436.4 billion won, its sixth straight quarter in the red, offsetting a record 381.5 billion won profit for the TV division.
LG said its fourth-quarter profit would be weaker than the third quarter's due to higher promotional expenses and weaker earnings for its appliances business due to seasonal weakness.
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Written By: Reuters
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