LG Electronics Inc, the worlds No.2 TV maker, said on Wednesday its quarterly profit shrank by 90%, as its mobile unit slipped into a loss on prolonged delays in introducing compelling smartphones. The South Korean firm reported 126 billion won ($106.6 million) in April-June operating profit, versus 1.24 trillion won a year ago. Its TV division also took a hit, as a nearly 10% fall in the euro against the US dollar last quarter inflated dollar-based settlement costs for flat screens and other production materials. LG is estimated to earn around 40% of its TV sales in Europe.
Boeing profit declines as revenue falls in key units
Boeing Co says its second-quarter profit fell 21%, as revenue fell in both its commercial airplane and defense units. Boeing also says that the first delivery of its new 747-8 may slip into early next year. It has already said the same thing about its new 787. It had previously hoped to deliver both planes by the end of this year, and Boeing says that is still its goal. Profit for the quarter fell to $787 million, from $998 million a year earlier. Revenue fell more than 9% to $15.6 billion.
Peugeot posts profit as new models spur recovery
PSA Peugeot Citroen, Europes second-largest carmaker, reported six-month net income that beat estimates and forecast its first full-year operating profit in two years as a global economic recovery spurs demand. First-half net income was 680 million euros ($884 million), compared with a 962 million-euro loss a year earlier, the Paris-based carmaker said in an statement.
Sumitomo Mitsui profit triples as bad loans fall
Sumitomo Mitsui Financial Group Inc, Japans third-largest bank by assets, said its first-quarter profit tripled, beating analysts estimates as bad-loan charges fell and trading income climbed. Net income jumped to 211.8 billion yen ($2.4 billion) in the three months ended June 30, from 72.8 billion yen a year earlier, the Tokyo-based company said in a statement on Wednesday. Thats more than the 110 billion yen average estimate of five analysts surveyed by Bloomberg.