South Korea's No.2 electronics firm, said Thursday its second-quarter net profit almost doubled from a year earlier on the back of a steady rise in home appliance goods, but its mobile phone business continued to suffer losses due to weaker than expected sales of flagship smartphones.
The company's phone business actually performed better this quarter than the same period in 2016, when it recorded a wider loss of KRW 153.5 billion (USD 132.10 million), even though its revenue fell by 19 percent year-on-year.
The home entertainment unit's operating profit improved 8.1 percent during the same period to 343 billion won while the revenue dropped by 3.8 percent. The company lost a total of $132 million in the second quarter of past year as a result of the G5's lukewarm reception, but when rumors for the G6 first started pouring in, things looked like they were about to get better.
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LG Electronics itself posted a business-wide operating income of KRW 664.1 billion (USD 588.2 million) on overall revenue KRW 14.55 trillion (USD 12.89 billion). The revenue stood at 882.6 billion won. While the South Korean original equipment manufacturer (OEM) didn't provide many details on the matter, the company was likely referring to the surging demand for NAND memory chips utilized in contemporary mobile devices.
The mobile unit's loss tumbled to 0.2 billion won in the first quarter, but it increased again to hundreds of millions of dollars in the second quarter.
Despite LG pulling in $2.39 billion worth of revenue for its mobile division, the company still reported a loss of $117 million.
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The vehicle component unit, however, posted an operating loss of 16.4 billion won due to the ongoing investment in new businesses such as advanced driving assistance systems.
"We will strengthen our market dominance through expanding our premium home appliance lineup in the third quarter", it said in an earnings statement. The second-quarter report was announced before the market closed.
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