LG Q3 2018 profits up 47.9% YoY as mobile losses narrow

LG Electronics has reported revenues of 15.43 trillion won (US$ 13.76 billion) for the third quarter that ended September 30, 2018, which is up 1.3% compared to the same quarter last year. It posted profits of 748 bilion won (US$ 667.7 million), up 45% YoY, while net profit was 497.1 billion won (US$ 436.5 million) from 336.1 billion won, up 47.9% YoY. Increase in profits is due to strong returns from the home appliances business, however mobile sector has continued to post losses. Mobile Communications sector reported a quarterly revenue of 2.04 trillion won (US$ 1.82 billion), down 1.4% QoQ and 23.8% YoY due to weak global smartphone demand and intensifying competition. The Mobile sector posted a operating loss of 146.3 billion won (US$ 130.5 million), compared to loss of 139.7 billion won a year ago, however it was less compared to 185.4 billion won (US$ 165.6 million) loss it posted in Q2 2018. "Despite the weakening demand for smartphones worldwide and increased competition, the company significantly reduced its operating deficit as a direct result of its business plan and its stronger focus on mid-range products, said LG. It expects V40 ThinQ smartphone to boost sales in the fourth quarter. In Q4, it expects the competition in ...