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LG Electronics swings to 4th quarter net loss January 27, 2009

Posted by aikservices in Financial, LG Electronics, Mobile, Telecom, Wireless.
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LG Electronics Inc., a major manufacturer of mobile phones and flat screen televisions, swung to its first net loss in seven quarters, hit by falling prices for TVs and a hefty price-fixing fine slapped on its affiliate LG Display. The company painted a pessimistic outlook for 2009, saying Thursday it expects both sales and profitability to decline this year because of waning demand.LG Electronics lost 671.3 billion won ($487.2 million) in the three months ended Dec. 31, according to a regulatory filing. It recorded a net profit of 621.3 billion won a year earlier. Quarterly sales rose 12.2 percent to 6.59 trillion won from 5.87 trillion won.

The loss was the company’s worst ever on a quarterly basis, according to spokeswoman Judy Pae.A bright spot for the company, which also makes household appliances and personal computers, was an 8 percent increase in shipments of mobile phones to 25.7 million, LG said in a release. That pushed its 2008 handset sales to a record 100.7 million, up from 80.5 million in 2007. 

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