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LG Reports Lower Net Income In Q2

Seoul, South Korea
– LG Electronics reported a steep drop in net income and lower sales in home
entertainment and handsets during the second quarter.

Net income was 108
billion Korean won in the quarter, far lower than 856 billion won in the same
quarter last year.

Sales were 14.38
trillion won in the quarter, down slightly from the previous year’s 14.4
trillion won.

Home entertainment
and handset sales were down 5 percent each year on year.

entertainment sales were 5.42 trillion won, down from the prior year’s 5.72
trillion. Operating income was 90 billion won, an increase from the 26 billion
won loss of the prior year.

Handset sales were
3.2 trillion won, down from the prior year’s 3.37 trillion won. The operating
loss for the unit was better, with a loss of 55 billion won, compared with an
operating loss of 128 billion in the prior year.

There was a bright
spot in home appliances. Sales in the quarter were up 6 percent to 2.88
trillion won compared to the prior year. Operating income was down though to 51
billion won, compared with the prior year’s operating income of 185 billion