09.09.10

LG tackles gloomy profits with b2b sales

AUTHOR: Inavate

LG Electronics aims to double its sales to businesses by 2014 as it moves to shore up struggling channels, according to Bloomberg. The business and financial newswire reported that the electronics giant hoped to massively grow sales to outlets such as hotels and restaurants.

In order to reach revenues of $10 billion dollars in the business arena, Bloomberg says the company will be looking to double sales of “flat screens and other gear”.

The agency reported that LG was looking to hike up its business sales after experiencing a loss of 120 billion won ($101 million) in its handset business for the second quarter. Profit has also slumped in the company’s home-entertainment division.

Robert H. Lee, vice president of strategy and business development, told Bloomberg the division that sells screens, security equipment and other electronic devices to businesses is one of the “few growth engines for LG Electronics going forward”.