LG Electronics Inc. reported its first net loss in seven quarters, hit by falling prices for TVs and a price-fixing fine on its affiliate LG Display.
The company painted a pessimistic outlook for 2009, saying it expects both sales and profitability to decline this year because of waning demand.
LG Electronics lost 671.3 billion won (approx. US$487.2 million) in the three months ended Dec. 31. It recorded a net profit of 621.3 billion won a year earlier. For all of 2008, net profit at LG Electronics fell 60.5%. Annual sales rose 17.6%, while quarterly sales rose 12.2%. Yet, the company reported an 8% increase in shipments of mobile phones.
Back to Breaking News