South Korea LG Electronics turns to profit in 2012<\/p>\n
South Korea’s LG Electronics has returned to profit in the first three months of 2012 after two straight loss-making quarters.<\/p>\n
Higher television and handset sales pushed LG’s first-quarter net profit to 242.5bn won ($213m; \u00a3132m) compared with a loss of 15.8bn won a year ago.<\/p>\n
Profits at the world’s second-largest television maker beat analysts’ expectations.<\/p>\n
LG has been facing competition from Chinese television manufacturers.<\/p>\n
The company said the turnaround was because of innovations in key business units.<\/p>\n
Analysts said LG had done well to focus on high-end products.<\/p>\n
"It’s clearly benefiting from new product releases in the high-end sector with 3D sets and gaining market share from struggling Japanese rivals," said Kim Ji-san, an analyst at Kiwoom Securities.<\/p>\n
LG Electronics reported net losses of 112bn won and 414bn won in the fourth and third quarters of 2011, respectively.<\/p>\n
LG’s turnaround comes even as its affiliate panel maker, LG Display, continues to report losses.<\/p>\n
LG Display recently reported its sixth consecutive quarterly loss of 178bn won.<\/p>\n
LG owns a 38% stake in LG Display. <\/p>\n
source: bbc.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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