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LG posts improved Q4 net loss thanks to profit from handset and TV divisions

LG posts improved Q4 net loss thanks to profit from handset and TV divisions

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LG reports an improved Q4 net loss thanks to profit from its handset and TV divisions.

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LG Prada04_1020
LG Prada04_1020

LG Electronics reported its fourth-quarter 2011 results today. The South Korean company posted a net loss of 111.6 billion won ($97.73 million) during its quarter ended December 31, compared to a 245.7 billion won loss in the same period last year, a clear improvement boosted by its TV and handset divisions. Fourth-quarter sales dropped by 6 percent, but the company posted an operating profit of 23 billion won ($20 billion).

LG's handset division reached 9.9 billion won in operating profit, an improvement from a 262 billion won loss last year, despite lower device sales of 17.7 million compared to 21.1 million in the previous quarter. LG's TV business also returned to profit, due to strong shipments of flat-screen TVs over the holiday period, a record 8.8 million units. The division reported a profit of 150 billion won, a reversal from the 65 billion-won loss a year ago. As some other TV manufacturers struggle, LG plans to build on its improved profits with 3D and internet-enabled smart TVs during 2012.