SEOUL, South Korea-Handset juggernaut LG Electronics Co. Ltd. continued its sales expansion in the third quarter, announcing 64.2-percent year-on-year growth in its mobile-phone business to $2.1 billion in sales. The electronics giant said it saw strong shipments of CDMA and GSM products in North America and third-generation products in Europe.
LG said its total sales increased to $5.7 billion, its operating profit rose to $333 million and its net profit grew to $285 million. The company said its strong performance was due to sales of mobile phones, digital TVs and air conditioners.
In the company’s telecommunications equipment and handsets division, LG’s sales grew 61.3 percent year-on-year to $2.3 billion. The division’s operating profit was $216 million with a margin of 9.3 percent. However, the company said its domestic handset sales declined 25 percent quarter-on-quarter due to sluggish demand.
“The high-tech industry had a very strong finish in Congress,” said Rhett Dawson, president of the Information Technology Industry Council. “We are pleased that the Internet tax moratorium has been extended for four years and that the omnibus bill includes two important provisions that will increase patent funding and expand the H1-B visa program.”
Finally, the Senate confirmed Deborah Platt Majoras as chairman of the Federal Trade Commission. Majoras’ nomination had been tied up in wrangling regarding gas prices so President George W. Bush gave her the FTC chairmanship in August under a recess appointment. The Senate action means she can stay until 2008. In her role, Majoras will oversee anti-spam enforcement and privacy issues affecting the wireless industry, particularly those associated with evolving radio frequency identification applications.<p
