South Korea's LG Electronics denied Friday a media report that it had slashed overseas staff in its struggling mobile phone division by about 30 percent in a drive to turn its money-losing business around.

The Korea Economic Daily reported in its early Friday edition that the layoffs mainly involved mobile marketing and purchasing resources and the closure of some unprofitable outlets.

The report also said the company had similar plans for its domestic mobile business.

LG said the report was groundless.

We are always looking at opportunities to improve the performance of our mobile business but no decision has been made as to any job reductions, a LG spokesman said.

LG, the world's No.3 handset maker, has recorded five consecutive quarterly losses from mobile phone sales, with cutthroat competition pressuring the firm to overhaul its business.

Shares in LG fell 2.9 percent as of 0210 GMT, compared to the wider market's 0.4 percent drop.

(Reporting by Miyoung Kim; Editing by Jonathan Hopfner)