SEOUL, South Korea-LG Electronics Co. Ltd. posted a 48.5-percent year-on-year drop in its net profit, but the company’s handset business offered some positive news.
LG’s third-quarter net profit clocked in at $149 million, way down from the company’s net earnings in the same quarter last year. The company’s overall sales also dipped 1.5 percent year-over-year.
However, the company’s handset business-which accounts for around 43 percent of LG’s sales-faired relatively well. The company’s handset business reported $117 million in operating profit.
LG shipped 15.5 million phones in the third quarter, a number that includes 8.8 million CDMA devices and 1.1 million W-CDMA phones. LG said its sales continue to increase overseas, especially in the North American market, but competition in its home market of South Korea continues to stifle business.
