LG Electronics posts Q1 loss
Afp, Seoul
South Korea's LG Electronics said Tuesday it booked its first-ever quarterly loss in the three months to December due to year-end inventory controls and a weak performance by its display business. The country's second largest electronics company reported an operating loss of 43.4 billion won (46 million dollars) during the period, against a year-earlier profit of 211.1 billion won. Fourth-quarter sales fell 10.7 percent year-on-year to 5.52 trillion won won, with sales of displays and handsets losing momentum, it said. Net profit tumbled 84.6 percent from a year ago to 48.2 billion won, hit by a sizeable loss from its equity investment in LG Philips LCD.
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