LG Electronics saw revenues at its mobile phone business drop in the third quarter. Revenues at the mobile business totalled KRW 2.76 trillion, down 8.5 percent year-on-year, but the operating loss improved to KRW 139 billion versus KRW 303 billion in Q3 2010. Shipments declined quarter-on-quarter to 2.1 million as mass-tier phone shipments declined and feature phone shipments fell in order to manage profitability, the company said. LG will continue its focus on the smartphone business and plans to increase sales of LTE phones in order to dominate the market. In addition, the company plans to allocate resources efficiently in order to improve profitability. LG reported total sales for the quarter of KRW 12.90 trillion, down 4 percent from a year earlier. The company posted an operating loss of 32 billion, improving from KRW 185 billion, and EBITDA jumped 76 percent to KRW 261 billion. LG Electronics posted a net loss of KRW 414 billion versus a profit of KRW 8 billion in Q3 2010 due to weak results at LG Display.
