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LG Posts Wider-Than-Estimated Loss on Phones, Flat-Panel Unit

Wednesday, October 26th, 2011

LG Posts Wider-Than-Estimated Loss on Phones, Flat-Panel Unit
News from BusinessWeek:
October 26, 2011, 4:01 AM EDT

By Jun Yang

Oct. 26 (Bloomberg) — LG Electronics Inc., the world’s third-largest maker of mobile phones, reported a wider-than- estimated quarterly loss as mobile-phone sales missed forecasts and earnings dropped at its flat-panel unit.

LG had a net loss of 414 billion won ($ 367 million) in the three months ended September, it said in a statement today, wider than the 56.1 billion won loss average of eight analysts’ estimates compiled by Bloomberg in the past four weeks. The Seoul-based phone maker had a profit of 7.6 billion won in the third quarter last year.

A record loss at LG Display Co. added to lower sales at the mobile-phone business, which has lost more than 700 billion won in the past year. Chief Executive Officer Koo Bon Joon is introducing 3-D televisions and new models of Optimus smartphones powered by Google Inc.’s Andr…………… continues on BusinessWeek
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