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LG Reports Record Quarterly Loss – Sees Tough Year Ahead January 23, 2009

Posted by aikservices in Asia, Financial, LG Electronics, Mobile, South Korea, Telecom, Wireless.
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South Korea’s LG Electronics has swung to a record fourth quarter loss on slowing handset and flat-screen sales – and warned that it sees little upside for the rest of 2009. The firm reported a net loss of KRW 671 billion (US$493 million) on sales of KRW 6.59 trillion (US$4.84 billion).LG’s mobile phone division reached a company high of KRW 4.49 trillion (US$3.3 billion) in sales, 34.6% higher than a year earlier. Handset sales accounted for KRW 4.09 trillion (US$3.0 billion), up 40.3% YoY and 16.5% QoQ.

Shipments of handsets recorded 8% growth YoY to 25.7 million, which resulted in a record 100.7 million units being sold in 2008 versus 80.5 million units in 2007. Operating profit margin declined 8.8% YoY and 11.5% QoQ to 5.2% in the handset division due to increased marketing to minimize year-end inventory. 

Mobile Industry News

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