LG's Operating Profit Plunges 80%

  • By Kang Dong-cheol

    February 01, 2019 12:24

    LG on Thursday said it posted sales of W15.8 trillion and an operating profit of just W75.7 billion in the fourth quarter last year (US$1=W1,115). Sales fell seven percent compared to the same period of 2017, and operating profit plummeted 79.3 percent.

    The main reason was mounting losses in the smartphone business compounded by increasing marketing costs in the home appliance unit.

    The smartphone business suffered a W322.3 billion operating loss in the quarter. LG boosted marketing efforts for the peak year-end shopping season, but sales failed to increase.

    The home appliance division racked up W104.8 billion in operating profit, down from W409.7 billion in the third quarter. Operating profit in the TV business, its most lucrative, shrank by more than W100 billion to W209.1 billion.

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