LG posts robust home appliance sales, mobile biz in deep red

Seoul: LG Electronics on Friday said it posted record earnings in the fourth quarter of 2020 on robust home appliance sales but its mobile business remained in red amid reports of the company existing the smartphone market.

LG’s mobile business unit logged 248.5 billion in operating loss in the fourth quarter, improving from a loss of 332.2 billion won a year earlier. The unit’s sales increased 4.9% on-year to 1.38 trillion won.

For the whole 2020, its operating loss totaled 841.2 billion won, which reflected increased marketing costs to support its flagship devices.