LG Electronics Q1 Net Profit Drops 91%

LG Electronics reported a 91% drop in its first-quarter net profit. LG Electronics' quarterly net profit slumped to 22 billion won ($20 million), versus KRW247.5 billion, in the year-ago period. Its operating profit dropped 13% to KRW349 billion from KRW402.7 billion, while revenue gained 6.8% to KRW14.1 trillion from KRW13.2 trillion. However, analysts were expecting a profit of KRW235.8 billion.