LG Electronics India reports 27% drop in quarterly profit
LG Electronics India (LGEL.NS) saw its quarterly profit fall 27% in its first results since going public, as consumers delayed spending on electronics and home goods ahead of recent tax cuts.
The company reported a standalone profit of 3.89 billion rupees ($44.26 million) for the quarter ended September 30, down from 5.36 billion rupees a year earlier, News.Az reports, citing Reuters.
The drop comes amid weaker consumer demand, with many buyers postponing purchases until late September, when a broad-based consumption tax reduction lowered prices on goods ranging from soaps to electronics.
Revenue from operations increased slightly, by 1% to 61.74 billion rupees.
Shares of LG Electronics India closed 1% higher on the day, though they remain down 2% since the October IPO.
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