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LG Elec profit doubles on TVs but phone business in red

Thursday, July 26th, 2012

LG Elec profit doubles on TVs but phone business in red
News from Reuters:

Wed Jul 25, 2012 2:15am EDT

* Q2 operating profit 349 bln won, in line with forecasts

* TV division profit more than doubled to 216 bln won

* Cellphone division swings to a 59 bln won loss

* Shares end down 2.1 pct, underperform wider market

By Miyoung Kim

SEOUL, July 25 (Reuters) – LG Electronics Inc, the world’s No.2 TV maker, said on Wednesday quarterly profit more than doubled on a jump in TV sales but its cellphone business swung to a worrying loss, squeezed by growing competition from Apple and Samsung as well as low-cost producers in China.

Its cellphone division, which accounts for around one-fifth of sales and has drawn comparisons with struggling rivals like Nokia, faces further uphill battles with a widely expected launch of a new iPhone from Apple and robust sales for Samsung’s new Galaxy smartphone.

“LG’s mobile phone business will remain its biggest concern — under the most optimistic scenario, it will probably only make a very small profit for the current quarter,” said Kevin Lee, an analy…………… continues on Reuters

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Related News:
LG’s Q2 2012 Earnings: $ 138M In Net Profits, Up 46% YOY, Phone Sales Still …
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LG has been turning a corner of late, getting its mobile division out of a six-quarter-long rut.

Today’s Q2 report outlines a 46 percent increase in net profits year-over-year at $ 138 million, though phone sales continue to be an obstacle.

Overall revenues went up from last quarter, but are still down from a year ago. The handset division in particular had an operating loss of $ 49.5 million, which has a lot to do with the decline in feature phone sales. Smartphone sales, on the other hand, rose to 44 percent of all units sold, which is up from Q1′s 36 percent.

It’s not expected that LG compete directly with the iPhone, but the company…………… continues on TechCrunch

… Read the full article