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.

The second-biggest TV set maker in the world, after Samsung Electronics Co Ltd, estimated an operating profit of 899.6 billion won for the January-March period, versus 1.1 trillion won a year earlier. LG did not disclose further details of first-quarter operations and will announce full results in late April.

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

The future of OLED TVs for large TVs is not so bad as it has good prospects.

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