LG Innotek Co., an electronics parts maker affiliated with South Korea’s LG Group, said Monday its net loss increased in the fourth quarter from a year earlier on weaker demand.
Net loss amounted to 93.3 billion won ($82.9 million) in the October-December period, larger than a net loss of 19.7 billion won the previous year, the company said in a regulatory filing.
Sales inched up 6.8 percent on-year to 1.21 trillion won in the quarter while operating profit tumbled 66.7 percent to 60 billion won, it added.
For 2011, the company logged a net loss of 145.4 billion won, a turnaround from a net income of 195.8 billion won the previous year, it added. Sales rose 11 percent on-year to 4.6 trillion won while it posted an operating loss of 66.8 billion won, compared with a profit of 156.5 billion won a year ago.
The company, which makes light-emitting diode back light units for television makers, said that it swung into the red for all of last year mainly because the display market remained sluggish.
“But the earnings are likely to gain ground this year as new smartphones are rolling out and the TV markets are showing signs of reviving ahead of London Olympics,” said an official at LG Innotek.
The company said it aims to increase its revenue to a record 5 trillion won this year.
(Yonhap News)
