LG records less mobile losses in its Q3 report

LG Electronics July-September quarter Q3 financial report has been released, and the company remains profitable, at least¬†in terms of general¬†financial gains having recorded a consolidated sale of KRW 15.43 trillion (USD 13.76 billion) and operating profit of KRW 748.8 billion (USD 667.7 million). Although the company mobile division still remains¬†an anchor around the company’s neck, it appears the mobile arm is on the verge of bouncing back, as the latest report reveals the losses from the arm has reduced a great deal.

The period under review¬†returned an operating profit of $667.7 million representing a 45% year-over-year increase. The company’s home appliance and entertainment divisions retain the top performers with a¬†$365.3 million and $289.9 million profit, respectively, while the mobile and communication arm responsible for LG phones returned a total loss of KRW 146.3 billion (USD 130.5 million). down from $171.95 million loss recorded in the previous quarter.

The reduction in the losses recorded by its mobile arm stems partly from a review of its business strategy as well as the fact that it recorded the second highest sales (KRW 2.04 trillion/USD 1.82 billion) of LG’s four major divisions. While promising to focus more on the mid-range markets, LG mobile is banking on the recently released LG V40 for a better Q4 result.

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