Rough quarter for LG Electronics

SEOUL — LG Electronics Inc. says its quarterly profit plunged 59 per cent from a year earlier as losses from TVs offset a modest improvement in its smartphone business.

The South Korean company said its January-March net profit fell to 38.4 billion won ($43 million Cdn) from 92.6 billion won a year earlier. Sales were flat while operating profit slumped 37 per cent to 305 billion won.