LG’s mobile arm posts operating loss of £25 million

0
296

Group operating profit jumped 27 per cent to 349 billion won (£204 million) for the fourth quarter of 2015

LG posted an operating loss of 44 billion won (£25 million) for the fourth quarter of 2015, but revenues grew by 12 per cent quarterly to KRW 3.8 trillion (£2.33 billion).

The Korean manufacturer shifted 15.3 million smartphones during the three months ending December 31, and 59.7 million devices across the whole of 2015, a slight increase on the 59.1 million shipped in the previous year.

LG said it plans to release two new flagship models in 2016, plus a range of lower end handsets. The Korean manufacturer is widely expected to launch the follow up to the LG G4 at Mobile World Congress in Barcelona next month.

A statement from the manufacturer said: “The smartphone marketplace is expected to be increasingly competitive in 2016 due to anticipated premium models from competitors and further price competition within the mass tier space.

“The introduction of two new flagship models and a more cost-competitive value chain is expected to improve profitability in 2016.”

Overall, LG Electronics saw its operating profit jump for the quarter by 27 per cent year-on-year to 349 billion won (£204 million)

Its home appliance and and air solution division saw its operating income grow by 57 per cent for the year, with quarterly income of KRW 214.8 billion (£130 million).

Sales across all businesses in the three month period grew quarterly by 3.8 per cent to KRW14.56 trillion (£8.84 billion). This was down 4.7 per cent year-on-year, which LG attributed to unfavourable exchange rates.

NO COMMENTS

LEAVE A REPLY