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(LEAD) LG Electronics' Q3 operating profit estimated to fall 3.7 pct

All News 15:58 October 07, 2016

(ATTN: ADDS details from para 5; RECASTS lead para)

SEOUL, Oct. 7 (Yonhap) -- LG Electronics Inc. said Friday that its operating profit for the third-quarter of this year is likely to fall 3.7 percent on year, with earnings apparently hit by rising panel prices and prolonged losses in its smartphone business.

(LEAD) LG Electronics' Q3 operating profit estimated to fall 3.7 pct - 1

In a regulatory filing, LG said it expects a third-quarter operating profit of 283.2 billion won (US$253.4 million), compared with a profit of 293.9 billion won for the same quarter last year.

Compared with a quarter earlier, LG's operating profit is estimated to have plunged 51.6 percent, according to the company's earnings guidance.

Third-quarter sales are estimated to decline 5.8 percent to 13.2 trillion won.

The projection for the third-quarter operating profit roughly matched an average estimate by analysts surveyed by Yonhap Infomax, the financial news and information arm of Yonhap News Agency.

The survey by Yonhap Infomax showed that LG is expected to post a third-quarter operating profit of 275.5 billion won.

Analysts expected rising panel prices to undermine LG's earnings in its TV business.

LG's smartphone business is also expected to report a sixth quarterly loss for the third quarter.

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