LG boosted by appliance sales
South Korean consumer electronics giant LG has announced strong fourth-quarter figures, with robust appliance sales fuelling growth.
According to Reuters, LG confirmed today that it had posted a profit of 349 billion won (£203bn) during the fourth quarter of 2015. The company did, however, record a net loss of 140 billion won, which it attributed to unfavourable exchange rates and tax.
While demand for consumer electronics has generally been sluggish in recent months as fears of renewed economic uncertainty gather, a sharp drop in display panel prices is one factor to have boosted LG's performance.
The company's appliances arm recorded an operating profit of 215 billion won. Sales of LED TVs were especially healthy, with the quarterly operating profit of LG's TV division soaring to 109 billion won.
However, LG's mobile division continued to struggle in Q4 with an operating loss of 44 billion won - although this was less dramatic than the 78 billion won loss recorded in the third quarter.