LG Electronics reports loss in 4Q on plasma TV business closure, operating income up

Industries Associated Press

LG Electronics Inc. lost money in the fourth quarter due to the closure of its plasma TV operations but its operating income rose thanks to a mobile business recovery.

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The Korean company Thursday reported a net loss of 205.7 billion won ($189 million) for the October-December quarter. Operating income rose 28 percent to 275 billion won ($253 million) on revenue of 15.3 trillion won ($14 billion).

LG said its home appliance business contributed most to its quarterly income, followed by its mobile phone business. LG's quarterly smartphone sales increased 18 percent from a year earlier to 15.6 million phones, it said.

LG stopped making plasma TVs in November to focus on more popular OLEC and LCD TVs.