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.

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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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