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LG Reports 93% Drop In Q3 Net Income
Oct 22, 2008
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LG Electronics reported that its net income declined 93% to US$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. Revenue rose 21% to 6.89 trillion won (approx. $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% to 23 million handsets. The unit accounted for 45% of total revenue in the quarter, the company’s largest contributing unit, up from 38% a year ago.

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

LG's display division 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% on the year to $2.9 billion.

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