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October 16, 2018

LG Electronics’ net profit down 37% in Q2

PUBLISHED : July 26, 2018 - 16:00

UPDATED : July 26, 2018 - 16:00

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[THE INVESTOR] Korean tech giant LG Electronics said on July 26 its second-quarter net profit fell 36.6 percent from a year earlier, with the mobile business remaining in the red.

Net profit came to 326.5 billion won (US$291 million) in the April-June period, compared with 514.9 billion won posted in the same three-month period in 2017, the company said in a regulatory filing.

Operating profit came to 771 billion won in the second quarter, up 16.1 percent from a year earlier.

Sales edged up 3.2 percent to reach 15 trillion won, LG added.

LG said its mobile communications business posted yet another quarterly loss in the April-June period at 185.4 billion won.

The company said the sluggish performance was attributable to the saturated global smartphone market, along with falling sales of its budget products in Central and South America.

The increase in marketing-related expenditures following the release of new flagship devices also weighed down on the company’s performance, it added.

As for the home appliance and air solution division, LG said the operating profit moved up 1.7 percent to reach 457.2 billion won, following the increased seasonal demand for air conditioners.

The home entertainment business saw its operating profit jump 44.1 percent in the second quarter from a year earlier at 407 billion won, helped by expanded sales of premium OLED TVs along with efforts to cut production costs.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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