October 27, 2016 / 6:25 AM / 3 years ago

LG Electronics says third-quarter profit down 3.7 percent vs. year earlier

A man examins LG Electronics' double-faced and curved OLED TV during Korea Electronics Show 2016 in Seoul, South Korea, October 27, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s LG Electronics Inc (066570.KS) said on Thursday its third-quarter operating profit fell 3.7 percent from a year earlier, dragged down by a record quarterly loss for its mobile division.

The world’s No. 2 television maker behind Samsung Electronics Co Ltd (005930.KS) said in a regulatory filing its July-September profit was 283 billion won ($248 million), matching an earlier estimate. Revenue for the quarter dropped 5.7 percent to 13.2 trillion won.

LG’s mobile division reported its worst-ever quarterly operating loss of 436.4 billion won, its sixth straight quarter in the red, offsetting a record 381.5 billion won profit for the TV division.

LG said its fourth-quarter profit would be weaker than the third quarter’s due to higher promotional expenses and weaker earnings for its appliances business due to seasonal weakness.

Reporting by Se Young Lee; Editing by Joseph Radford

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