LG Elec sees lower profit as mobile business stays in red, shares slip

SEOUL: LG Electronics Inc's operating profit likely fell by a smaller-than-expected 19 percent in the first quarter, even as losses in its mobile business and rising competition in the television segment pushed its revenue down to below consensus.

That compares with an average estimate of 808 billion won from 21 analysts polled by Refinitiv I/B/E/S. LG did not disclose further details of first-quarter operations and will announce full results in late April.Analysts said LG's longtime loss-generating smartphone business, in the red for seven quarters, and intensifying price competition in the global TV market likely weighed on earnings.

Analysts also have a dim view of LG's smartphone business and expect it to continue generating losses.

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