South Korea’s LG Electronics has posted a record quarterly loss.
The biggest problems were in its mobile handset division as it did not have enough new smartphone offerings and in the TV part of the business which lost money due to intense price competition during the year-end holiday season.
The net loss in the fourth quarter was the equivalent of 167 million euros.
LG is the world’s second largest TV maker but facing strong competition from Chinese manufacturers.
The third biggest handset vendor, behind Nokia and Samsung, is promising to revive earnings with its Optimus smartphones which have impressed analysts.
There was a six-fold jump in earnings from sales of home appliances, which is LG’s most profitable division.