LG Electronics Inc posted a record quarterly loss, as an absence of premium models continued to hit its phone business, while the TV division also lost money on intensified price competition during the year-end holiday season.
The world's No.2 TV maker and No.3 handset vendor on Wednesday reported a October-December operating loss of 246 billion won ($219.8 million), its second consecutive record quarterly loss and worse than a consensus forecast of a 165 billion won loss polled by Thomson Reuters I/B/E/S.
According to SmartEstimates, which places more weight on recent forecasts by top-rated analysts, LG Electronics was expected to report a wider 336 billion won loss in the quarter.
Under founding family scion Koo Bon-joon, who took the top job at LG in October to revive the struggling handset business, LG is slowly regaining lost ground with premium models such as Optimus 2X and Optimus Black smartphones and new 3D and Internet television lineups.
Shares in LG, which trails Nokia and Samsung Electronics Co in handsets and competes with Sony Corp and Panasonic Corp in flat-screen TVs, have risen by a third from its recent lows in November, beating a 10 percent gain in the KOSPI.
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