LG Electronics sees 50% fall in 2015 net profit

South Korean tech giant LG Electronics said Tuesday its net profit halved last year, amid a global economic slowdown and stiff competition for its mobile phone business.

LG Electronics' 2015 net earnings came to 249.1 billion won ($205.7 million), down 50.3 percent from the previous year, on sales of 56.5 trillion won, down 4.3 percent.

TV sales slumped due to slow global demand and a strong won, which hurt price competitiveness against foreign rivals.

The firm's mobile division reported an operating loss of 44 billion won in the October-December period, following a 78 billion won loss in the third quarter as it struggled to compete with domestic rival Samsung as well as Apple and China's Huawei.