Reuters: Technology News: LG Electronics swings to Q3 profit on surprise handset result

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LG Electronics swings to Q3 profit on surprise handset result Oct 24th 2012, 04:52 Tweet Share this Email Print Related News Nokia posts loss, future hinges on new Lumia sales Thu, Oct 18 2012 U.S. court clears Samsung phone, hands Apple setback Thu, Oct 11 2012 Samsung posts $7.3 billion third-qurter profit, this quarter will be tougher Thu, Oct 4 2012 Samsung's Galaxy phones drive record $7.3 billion profit Thu, Oct 4 2012 Analysis: Is Sony buying time - or problems? Thu, Oct 4 2012 Analysis & Opinion Google’s hardware ambitions proving costly Apple and Samsung’s cone of silence An employee works at a store of LG Electronics in Seoul July 25, 2012. Credit: Reuters/Lee Jae-Won SEOUL | Wed Oct 24, 2012 12:52am EDT SEOUL (Reuters) - LG Electronics Inc, the world's No.2 TV maker, swung to a third-quarter profit as its mobile phone business reported a surprise return to the black on a stronger product line-up, although its powerhouse TV division lost momentum. July-September operating profit came in at 221 billion won ($200.3 million) from a 32 billion won loss a year ago, above a consensus forecast of 172 billion won by 13 analysts surveyed by Reuters. The result was down on a profit of 349 billion won in the previous quarter. LG has suffered in recent years along with handset rivals such as Nokia and HTC as consumers have swarmed to Apple's iPhone and Samsung's Galaxy range in the lucrative smartphone market. However, its handset business posted a profit of 20.5 billion won, recovering from a loss of 58.9 billion won in the previous quarter. The result marks a sharp improvement from a year ago when a 140 billion won handset loss wiped out profits from selling TVs, home appliances and air conditioners, and forced the group to sell new shares to raise funds. The South Korean firm hopes its latest phones, such as Optimus G and Optimus Vu II packed with powerful hardware and software features, will help it gain a foothold in the high-end smartphone market. Profit from the TV division, which competes with larger rival Samsung and Japan's Sony Corp and Sharp Corp came in flat at 88.6 billion won, after growth more than doubled in the first half of this year. Earnings were reduced by an increase in spending on marketing as the company sought to clear inventory amid a weak global economy and stiff competition. Shares in LG, valued at over $11 billion, rose 2 percent after the earnings announcement, versus a 0.4 percent drop in the wider market. The stock climbed 26 percent over the past three months, buoyed by expectations for improvement in its handset business. The KOSPI gained 7 percent during the same period. (Reporting by Miyoung Kim; Editing by Richard Pullin) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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