LG Electronics (LG), posted higher-than-expected increase in sales and operating profit in the third quarter both on global and parent basis.
Mobile Communications Company posted sales of (USD 3.589 billion), 29.9% up from the second quarter 2008. From
handset business, the sales reached (USD 3.306
billion), 40.8% up from a year earlier. Shipment of handsets recorded
23.0 million, 5% growth YoY but declined 17% from the second-quarter,
due to slow sales in India and emerging markets. However, operating
profit margin in handset division remained at double digit at 11.5% due
to growth in high-end models such as "Secret", "Viewty" and variety of
QWERTY messaging phones in the U.S.
Shipment in the fourth-quarter expected to grow and achieve 100
million units annual goal, and double digit profitability is expected
to be sustained. "Renoir", 8-mega pixel camera phone, and the second
version of the "PRADA phone by LG" and "Cookie", a mid-tier full-touch
phone will be unveiled in the coming quarter.