LG Electronics Q4 loss widens on equity ties, mobile biz slump

All News 15:34 January 30, 2020

By Joo Kyung-don

SEOUL, Jan. 30 (Yonhap) -- LG Electronics Inc. said Thursday its fourth-quarter deficit widened due to losses in its equity ties with a display-making affiliate, while its mobile business remained in the red.

The tech giant said it logged a net loss of 849.8 billion won (US$717 million) in the October-December period, compared with a 80.7 billion-won net loss a year earlier.

The company's operating profit increased 34.5 percent on-year to 101.8 billion won in the fourth quarter, but this was a 87 percent drop compared to the previous quarter. Sales rose 1.8 percent on-year to 16 trillion won in the last three months of 2019.

For the whole of 2019, LG Electronics' net income tumbled 87.8 percent on-year to 179.9 billion won. Operating profit dropped 9.9 percent on-year to 2.4 trillion won, but sales inched up 1.6 percent on-year to 62.3 trillion won.