South-Korea based electronics producer LG Electronics Inc., announced its third-quarter net profits rose more than 30 percent on sales of mobile phones.
The company's net profit for the 3-month period ended September 2004 was 304.4 billion won (approx. U.S. $265.8 million), compared to 223.8 billion won (approx. $195.4 million) from the same period in 2003.
Sales rose 24 percent to 6.11 trillion won (approx. $5.3 billion), from 4.92 trillion won (approx. $4.2 billion) in 2003.
LG said it expects sales in the fourth quarter to rise 15 percent from 5.4 trillion won (approx. $4.7 billion), due to steady growth in handset exports. The company shipped 11.8 million handsets in the third quarter.
For the year, LG said it expects sales to reach about 24 trillion won (approx. $20 billion). This is higher than its earlier forecast of 22 trillion won (approx. $19.2 billion). (Associated Press)
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