May 24, 2013 | 09:18 PM (BD Time)
24 May, 2013 Friday
. Finance Desk
S. Korea's LG swings to profit
South Korea's LG Electronics has said it swung to a net profit in the first three months of the year thanks to a marked improvement in its flat-screen TV and handset operations.
The world's second-largest flat-screen TV maker by shipments after Samsung Electronics reported net profit of 242.5 billion won ($213.5 million) for January-March compared with a net loss of 15.77 billion a year earlier.
Nippon Steel sues S. Korea's Posco
Nippon Steel has filed a $1.25 billion lawsuit against South Korea's Posco over claims it stole key technology for a niche product, the Japanese firm and reports said last week..
The complaint, filed in Tokyo District Court, alleges Posco got hold of the technology for a type of steel sheet used in products such as transformers, through a former engineer at
Nippon Steel (NSC).
Apple profit soars on iPhone-iPad sales
Apple's coffers continued to swell in the first three months of the year due to record sales of iPhones and iPad tablet computers, particularly in China and other parts of Asia.
Apple reported on Tuesday that it made a profit of $11.6 billion on revenue of $39.2 billion in the quarter ended March 31. The amount of cash Apple had on hand grew $12 billion to $110.2 billion.
Sales of iPads more than doubled from the same quarter the previous year and iPhone sales surged 88 percent.
India's Wipro says profit up 7.7%
India's third-largest software company Wipro on Last week reported a 7.7 percent year- on-year rise in fourth quarter net profit, beating forecasts as outsourcing orders increased.
Consolidated net profit for the quarter ended March was 14.81 billion rupees ($284 million) compared with 13.75 billion rupees in the same period last year, the company said in a statement to the Bombay Stock Exchange.
BBVA Q1 profits down 12.6%
The second biggest Spanish bank BBVA said Last week that its first quarter profit fell 12.6 percent to one billion euros ($1.3 billion) amid provisions to meet criteria on cleaning up bad property loans.
The results beat the 912 million in profits forecast by analysts polled by Dow Jones Newswires and sent the bank's stocks up 2.06 percent to 5.256 euros as the Mardir stock market opened.
PSA Peugeot Citroen posts 7% sales drop
Auto giant PSA Peugeot Citroen on Last week said its first quarter sales fell seven percent to 14.3 billion euros ($18.9 billion) after government incentives offered for scrapping old vehicles were withdrawn.
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