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LG Electronics swings to Q3 loss on smartphone woes

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Published : Oct. 26, 2011 - 13:22

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SEOUL, Oct. 26 (Yonhap) -- LG Electronics Inc., the world's third-largest mobile phone maker, said Wednesday that it swung to a net loss in the third quarter of this year due to its struggling smartphone business.

Net loss amounted to 413.9 billion won (US$366.7 million) in the July-September period, compared with 75.7 billion won of net profit one year ago, it said in a regulatory filing.

The loss was bigger than the market consensus of a 102.1 billion won loss, according to 13 analysts polled by Yonhap Infomax, the financial news arm of Yonhap News Agency.

Sales fell 4 percent on-year to 12.9 trillion won in the three-month stretch. Operating loss reached 31.9 billion won, compared with a 185.2 billion won loss a year earlier.