LG Electronics swings to 2010 loss on handsets

SEOUL, S.KOREA: LG Electronics Inc reported a 2010 domestic operating loss on Wednesday, ahead of the more closely watched consolidated quarterly results due later in the day.

The South Korean company, ranked as the world's No. 2 TV brand and No. 3 handset vendor, said the operating loss in 2010 was 1.1 trillion won ($980.7 million), because of a steep price decline in handsets and televisions.

LG Electronics, which competes with bigger rival Samsung Electronics, is expected to report an October-December operating loss of 165 billion won, according to a poll by Thomson Reuters I/B/E/S.