LG Electronics Reports Q4 Loss30 Jan, 2013 By: Chris Tribbey
South Korean consumer electronics company LG Electronics Jan. 30 reported a fourth-quarter loss of 468 billion won ($429 million), due to a December fine by the European Commission related to alleged cathode-ray tube pricing issues.
Revenue for the fourth quarter was 13.5 trillion won ($12.37 billion).
For the full-year 2012 LG reported revenue of 50.96 trillion won ($45.22 billion) and a profit of 91 billion won ($80.75 million). LG reported record sales of HDTVs in the fourth quarter, with 9.3 million units sold, up more than 17% from the same quarter in 2011.
LG’s home entertainment business enjoyed full-year revenues of 6.44 trillion won ($5.91 billion) and a profit of 542 billion won ($480.9 million), with revenue from 3DTVs and connected HDTVs up across the United States and Europe.
“Although the home entertainment company had the strongest quarter of the year in terms of revenue, profitability declined somewhat due to lower average selling prices and increased competition,” the company said in a statement. “LG will continue to aggressively market 3D and smart TVs, and plans to expand its share of the premium-TV segment in 2013 with Ultra HD TVs and OLED TVs.”
LG’s mobile division saw smartphone shipments grow 23% during the fourth quarter, with 8.6 million devices shipped.