LG Electronics reports 122.6 billion won loss in first quarter

Seoul: LG Electronics, South Korea's second-largest electronics maker, reported its biggest quarterly loss in four years as mounting competition and a glut forced the company to cut prices of television screens.

The net loss was 122.6 billion won (132 million US dollar) in the three months ended March 31, compared with a profit of 151 billion won a year ago, Seoul-based LG said. Sales rose 4 per cent to 6.03 trillion won.

Operating profit, or sales minus the cost of goods sold and administrative expenses, fell 9.3 per cent to 172.9 billion won.