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South Korea: LG Electronics blames 4Q 2012 loss on EU price-fixing fine

By  |  January 30, 2013
South Korea: LG Electronics blames 4Q 2012 loss on EU price-fixing fine

While it was reported yesterday that Philips posted a fourth quarter profit gain despite price fixing charges, not everyone is coming out from the fines unscathed. LG Electronics has reported fourth quarter losses due to the fine imposed on the company by the European Commission for $664 million. According to its Q4 2012 financial report, the company posted net losses accounted for 468 billion won ($429 million). LG is the globe’s second-largest television set producer by revenue. This is LG’s first quarter loss in more than a year.

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