LG Electronics on Thursday said it swung into the black in the third quarter due to strong sales of home appliances, but it continued to lose money in the handset business. Net profit came to 336 billion won (US$298 million) in the July-September period, compared to a net loss of 81.5 billion won posted a year earlier, Yonhap news agency reported citing regulatory filing from LG Electronics. Operating profit came to 516 billion won, also up 82.2 percent from a year earlier, and sales advanced 15.1 percent to reach 15.2 trillion won. The figures are in line with a guidance report released earlier this month.
The mobile arm posted an operating loss of 375.3 billion won, due mainly to the rising production cost of smartphones and increased marketing costs. LG, however, said sales moved up 7.9 percent on-year to 2.8 trillion won helped by the steady shipment of its G6 flagship model, along with good demand for its budget Q6 smartphone series. To revitalise the mobile division, LG said it will expand the global release of the V30 smartphone and also focus on promoting budget handsets.
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