We will be back with a bang in 2021: LG CEO
The CEO of LG Electronics has vowed to improve the company’s mobile communications business next year amid the pandemic. Kwon Bong-seok said South Korea’s second largest tech firm is
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Seoul: The CEO of LG Electronics has vowed to improve the company's mobile communications business next year amid the pandemic. Kwon Bong-seok said South Korea's second largest tech firm is working hard to create a turnaround in its struggling mobile business, reports Yonhap news agency.
"We are improving by reinforcing our cost competitiveness, and we plan to make quality improvements next year with growth in the premium sector," Kwon told reporters after the 15th Electronics and IT Day event in Seoul.
LG's mobile business has been in the red since the second quarter of 2015, though its losses have been narrowing recently.
Its mobile unit posted an operating loss of 148.4 billion won ($136 million) in the third quarter, improving 58.1 billion won from the previous quarter.
At the Consumer Electronics Show in January, Kwon emphasised that LG plans to make a turnaround in its mobile business in 2021.
Despite a prolonged slump in the mobile business, LG had a solid overall performance in the third quarter on the back of pent up demand for its home appliances.
