SEOUL: South Korea’s LG Electronics Inc estimated on Friday it fell to its first quarterly operating loss in six years in October-December, a drop that analysts pinned on continued mobile losses and seasonally weaker appliances sales. The world’s second-biggest television maker behind Samsung Electronics Co Ltd said it likely swung to a 35 billion won (£23.71 million) loss for the fourth quarter, its first since a bigger loss in the fourth quarter of 2010.
The result would compare with a Thomson Reuters StarMine SmartEstimate of 98 billion won in profit derived from a survey of 21 analysts. Three of the analysts in the survey forecast a loss.
LG said revenue for the quarter likely rose 1.5 per cent to 14.8 trillion won. The firm did not disclose further details on its earnings and will release full results including performance by individual businesses at the end of January.
The company in October said its fourth-quarter profit would decline from the previous three months due to weaker earnings in its appliances business. — Reuters