Monday, October 20, 2008

LG's Profits Drop 93% From 1 Year Ago

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South Korea's second largest electronics manufacturer by revenue (Samsung is no. 1) reported Monday their third-quarter net profit plunged 93% from a year earlier on hefty foreign exchange-related losses, although a strong performance in mobile phones boosted its operating profit.

This comes during a global economic slow down, fourth-quarter sales growth would slow and it will enter the low-tier handset market next year to drum up weakening demand.
Even though the 4th quarter typically performs well because of the sale of handsets and displays.

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