LG Elec Q4 profit jumps 25%, helped by cellphone division
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LG Electronics Inc, the world's No.2 TV maker, reported a 25 percent rise in quarterly operating profit on Wednesday, as its cellphone division swung back to the black.
October-December operating profit came in at 107 billion korean won ($98.84 million), below a consensus forecast for 151 billion won by 32 analysts surveyed by Thomson Reuters I/B/E/S.
The company was hit by an increase in promotional costs during the year-end holiday season as it sought to boost its TV market share.
The result was broadly in line with a 116 billion won profit forecast by Thomson Reuters StarMine's SmartEstimate, which places more emphasis on timely projections from the most accurate analysts.
Predictions from SmartEstimate analysts cited the impact of strength in South Korea's currency as well as LG's underperforming TV business.