{"id":24901,"date":"2012-10-24T08:03:52","date_gmt":"2012-10-24T06:03:52","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=24901"},"modified":"2012-10-24T15:51:45","modified_gmt":"2012-10-24T13:51:45","slug":"lg-profits-from-mobile-business","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/24901\/lg-profits-from-mobile-business\/","title":{"rendered":"LG profits from mobile business"},"content":{"rendered":"

LG Electronics Inc<\/a>, the world’s No.2 TV maker, swung to a third-quarter profit as its mobile phone business reported a surprise return to the black on a stronger product line-up, although its powerhouse TV division lost momentum.<\/p>\n

July-September operating profit came in at 221 billion won ($200.3 million) from a 32 billion won loss a year ago, above a consensus forecast of 172 billion won by 13 analysts surveyed by Reuters. The result was down on a profit of 349 billion won in the previous quarter.<\/p>\n

LG has suffered in recent years along with handset rivals such as Nokia<\/a> and HTC<\/a> as consumers have swarmed to Apple<\/a>‘s iPhone and Samsung’s Galaxy range in the lucrative smartphone market.<\/p>\n

However, its handset business posted a profit of 20.5 billion won, recovering from a loss of 58.9 billion won in the previous quarter. The result marks a sharp improvement from a year ago when a 140 billion won handset loss wiped out profits from selling TVs, home appliances and air conditioners, and forced the group to sell new shares to raise funds.<\/p>\n

The South Korean firm hopes its latest phones, such as Optimus G and Optimus Vu II packed with powerful hardware and software features, will help it gain a foothold in the high-end smartphone market.<\/p>\n

Profit from the TV division, which competes with larger rival Samsung and Japan’s Sony Corp<\/a> and Sharp Corp<\/a> came in flat at 88.6 billion won, after growth more than doubled in the first half of this year.<\/p>\n

Earnings were reduced by an increase in spending on marketing as the company sought to clear inventory amid a weak global economy and stiff competition.<\/p>\n

Shares in LG, valued at over $11 billion, rose 2 percent after the earnings announcement, versus a 0.4 percent drop in the wider market.<\/p>\n

The stock climbed 26 percent over the past three months, buoyed by expectations for improvement in its handset business. The KOSPI gained 7 percent during the same period.<\/p>\n

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Panasonic to provide Olympus with up to R5.3bn<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LG Electronics Inc, the world’s No.2 TV maker, swung to a third-quarter profit as its mobile phone business reported a surprise return to the black on a stronger product line-up, although its powerhouse TV division lost momentum.<\/p>\n","protected":false},"author":7,"featured_media":2153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25,505,4431,229,4432],"class_list":["post-24901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-active","tag-lg-electronics","tag-mobile-business","tag-results","tag-tv-business"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/24901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=24901"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/24901\/revisions"}],"predecessor-version":[{"id":24994,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/24901\/revisions\/24994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/2153"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=24901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=24901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=24901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}