LG Electronics reports unexpected loss for Q4

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Associated Press

Posted on January 27, 2014 at 12:32 AM

Updated Monday, Jan 27 at 4:06 AM

SEOUL, South Korea (AP) — LG Electronics Inc. suffered a loss in the final quarter of 2013 because of unfavorable currency fluctuations.

The South Korean tech company said Monday its net loss for October-December was 63.4 billion won ($58.5 million).

That's smaller than a 478.2 billion won loss a year earlier. But analysts polled by FactSet expected net income of 147.8 billion won.

In the previous three month, LG had a net profit of 108.5 billion won.

The maker of G flex smartphone said the loss was mainly due to higher non-operating expense from foreign exchange movements.

Despite higher sales from increased smartphone shipments, LG's mobile communications business lost 43.4 billion won, staying in red for a second quarter.

LG blamed increased spending on mobile brand marketing and declining smartphone prices.

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