October 11, 2017 11:22
LG Electronics on Tuesday announced preliminary sales figures of W15.23 trillion and operating profit of W516.1 billion (US$1=W1,137).
Sales were up 15.2 percent, while operating profit grew a whopping 82.2 percent from the same period of 2016. It was the highest third-quarter operating profit in eight years.
Strong sales of home appliances powered earnings, with an operating profit of some W700 billion amid strong demand for high-end televisions.
But LG's smartphone division suffered around W200 billion in losses, continuing 10-straight quarters of losses. Sales of the flagship G6 smartphone released in March were disappointing, while the premium V30 smartphone unveiled last month added cost burdens due to marketing expenses.
Also, the automotive electronics business, which LG is nurturing as its next growth engine, suffered around a W100-billion loss, but sales are continuing to rise.
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