LG Electronics profit surges on TV turnaroundStaff writer ▼ | April 29, 2016
LG Electronics said its first-quarter profit surged, driven by a turnaround in its television business following a recent slump in panel prices.
LG Electronics Net profit climbed to $172 million
A renewed push to sell more of its premium products also helped prop up profit at the company's TV as well as home-appliance businesses.
But LG's mobile unit remained in the red for a third straight quarter, as the business continued to be hammered by stiff competition from heavyweights including Apple and Samsung Electronics, as well as low-cost Chinese brands.
The unit logged an operating loss of 202.2 billion won, compared with an operating profit of 56.8 billion won a year earlier.
The company began selling its new flagship smartphone, the G5, in April. LG executives said they expect the new model to lead to a rebound in market share and earnings.
Total operating profit rose 65.5% to 505 billion won, while revenue fell 4.5% to 13.4 trillion won from a year earlier. ■