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LG Electronics' net loss narrows in Q4

LG Electronics' net loss narrows in Q4

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Published : 2014-01-27 14:33
Updated : 2014-01-27 14:50

South Korea's tech giant LG Electronics Inc. said Monday its net loss narrowed in the fourth quarter of 2013 from a year earlier on improved smartphone sales.

Net loss came to 63.4 billion won ($58.76 million) in the October-December period, improving from the net loss of 478.1 billion won posted a year earlier, LG Electronics said in a regulatory filing.

Revenue edged up 0.8 percent on-year to 13.9 trillion won, and operating profit surged 103.8 percent to 238.1 billion won, it said.

For all of 2013, LG Electronics' net income reached 222.7 billion won, up 116.6 percent from the previous year, with its revenue and operating profit also advancing to 58.1 trillion won and 1.2 trillion won, respectively.

LG attributed improved fourth-quarter performances to robust sales of its high-end, long-term evolution smartphones, along with improved sales of its TV lineup.

By sector, LG said its mobile communications division saw its revenue advance 28 percent on-year in the fourth quarter, with its smartphone shipments exceeding the 130-million unit mark for the first time.

LG, a latecomer in the smartphone sector, said the sales of its LTE devices advanced 110 percent over the cited period on strong sales of its flagship G2.

The tech giant said the fourth-quarter revenue of its home entertainment division advanced 18 percent on the back of improved LCD TV sales in advanced markets, buoyed by the end-year seasonal demand.

The company's marketing strategy for its premium display lineup including Ultra HD TV also added to improved sales figures, it added.

LG said its home appliances sector, however, posted a sluggish performance due to intensified competition in emerging markets such as India.

Its air-conditioning and energy solution division posted a revenue of 719.7 billion won, up 8 percent from a year earlier.

For 2014, LG Electronics said it aims to post a revenue of 62.3 trillion won. It also said the company will invest some 3 trillion won in facilities. (Yonhap News)

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