LG Electronics reported a 37 percent slide in quarterly profit as its mobile device buenjoysreported strong home appliances earnings and sales of televisions. The company third-quarter operating profit was 294 billion won ($257 million), down from 465 billion won a year earlier.
LG said the July-September quarter saw operating profit for its home appliances division rise more than fivefold from a year earlier to 246 billion won, buoyed by sales of household washing machines and air-conditioning products for business clients.
LG's TV division reported an operating profit of 37 billion won, recovering from a 82.7 billion loss in April-June though well down from 134.5 billion won profit a year earlier. Sales of premium products such as ultra-high definition and organic light-emitting diode televisions improved from the previous quarter, the firm said.
Meanwhile LG's mobile device division reported an operating loss of 77.6 billion won, compared with 168.6 billion won profit in the third quarter of 2014.
LG said smartphone sales during the period fell 11 percent from a year earlier as competition intensified. Its mobile handsets have been squeezed between rival offerings from Apple, Samsung and Chinese players, but LG expects the launch of the V10 and price-competitive Nexus 5X smartphones in the fourth quarter to improve the overall product mix.
The LG Vehicle Components Company reported a 6 percent increase in sales quarter-on-quarter to KRW 478.6 billion (USD 409.41 million) primarily as a result of its growing infotainment business.