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LG Sees 93% Drop In Q3 Net

10/20/2008 01:45:00 PM Eastern

Seoul, South Korea – LG Electronics reported that its net income declined 93 percent to $19 million, due in large part to a higher cost in foreign-currency debt resulting from a weaker won.

The drop in profit was the first for the company in the last six quarters, and came as revenue rose 21 percent to 6.89 trillion won ($5.24 billion).

The company reported that profit more than doubled to 384.3 billion won ($288.1 million) in the period at the mobile-phone division as shipments rose 5 percent to 23 million handsets. The unit accounted for 45 percent of total revenue in the quarter, the company’s largest contributing unit, up from 38 percent a year ago.

LG's display division, which makes plasma display panels, posted an operating profit of $1.2 million in the third quarter, down from $2.85 million in the second quarter. Sales in the division rose 22 percent on the year to $2.9 billion.

Meanwhile, flat-panel LCD manufacturer LG Display, which is 37.9 percent owned by LG Electronics, reported last week that third-quarter net profit fell 43.7 percent to $224.3 million.

Profit at the home-appliances division rose 9 percent to 70.8 billion won ($52.4 million) as sales rose 15 percent to $2.4 billion over the same period a year ago.

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