LG Electronics' profit plunges on slow TV sales

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Associated Press

Posted on April 23, 2013 at 11:07 PM

Updated Tuesday, Apr 23 at 11:07 PM

SEOUL, South Korea (AP) — LG Electronics Inc. says its first quarter earnings shrank to one tenth of the year-earlier quarter as its TV business languished.

The South Korean electronics giant said Wednesday its January-March net profit fell to 22.1 billion won ($19.7 million) from 247.5 billion won a year earlier.

Sales rose 7 percent to 14.1 trillion won. Operating profit slipped 13 percent to 349.5 billion won.

LG blamed lower profit from its TV business, which offset an improvement in its mobile phone business.

LG shipped 10.3 million smartphones in the quarter thanks to strong demand for its mid- and low-end smartphones but is still lagging Samsung Electronics Co. and Apple Inc.

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