LG mobile losses widen as net profit falls 36% YoY in Q2 2018

LG Electronics has reported revenues of 15.02 trillion won (US$ 13.9 billion) for the second quarter that ended June 30, 2018, which is up 3.2% compared to the same quarter last year. It posted profits of 771 bilion won (US$ 715.1 million), up 16.1% YoY, while net profit was down to 326.5 billion won (US$ 291.6 million) from 514.9 billion won, down 36.5% YoY. First-half 2018 sales and operating profits were at all-time record highs. Revenues increased 3.2% from the 2017 first half to 30.14 trillion won (US$ 28 billion) and operating income rose 18.5% to 1.88 trillion won (US$ 1.7 billion). "Strong profitability from home appliances and air solutions and premium home entertainment products offset second-quarter operating losses from vehicle components and mobile communications," said LG. Mobile Communications sector reported a quarterly revenue of 2.07 trillion won (US$ 1.92 billion), down 4.1% QoQ and 19% YoY due to  stagnating smartphone market and decreasing sales of mid to low-end smartphones in North and Latin America. The Mobile sector posted a operating loss of 185.4 billion won (US$ 165.6 million), compared to loss of 139.7 billion won a year ago, which is down 24.6%. LG said that profitability decreased QoQ and YoY due to smartphone sales decline and ...