The mobile communications division of LG Electronics has finished the third quarter of its 2018 fiscal year with revenue a touch over 2 billion won, down 24 percent, and an operating loss of 146 billion won.
LG said that despite its shrinking mobile revenue, it maintained its mid-range sales and cut costs to inch towards profitability. At this time last year, the company booked 2.7 trillion won in sales, but reported 381 billion won as an operating loss. The division last reported an operating profit, albeit a tiny one, in Q1 2017.
Overall, LG recorded sales of 15.4 trillion won and operating profit of 749 billion won, carried by its home appliance and air solutions arm, which contributed almost 5 trillion won in revenue and 410 billion won of income, and the home entertainment and TV division, which recorded 3.7 trillion won in sales and 325 billion won of operating income.
Year on year, this represented a 1 percent increase in revenue and a 232 billion won jump in operating income.
For LG's growing automotive division, sales grew by 41 percent year on year to 1.2 trillion won, and its operating loss blew out to 43 billion won, which the company said was due to increasing material costs and new projects.
The company's B2B division, which sells information displays and solar panels, reported a 10 percent drop in sales to 577 billion won, and an almost 20 billion won reduction in profit to 35 billion won.
"Profitability was negatively affected by import duties in the United States and the falling price of solar modules in key markets," the company said.
Earlier this month, LG launched its V40 ThinQ handset, upon which the company is hoping to reverse its fortunes in the flagship phone market. The phone has a total of five cameras -- three on its back, and two on the front.
LG's V-series phones have always been optimized for those creating still images and video content, as well as for those who want the best audio experience. The V40 is the best V-series ever with five cameras, Boombox speakers, and much more.
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