LG Electronics' 2Q net profit falls 33 per cent | business | Hindustan Times
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LG Electronics' 2Q net profit falls 33 per cent

business Updated: Jul 28, 2010 12:57 IST

AP
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LG Electronics, a top global manufacturer of flat screen televisions and mobile handsets, said second-quarter net profit fell by a third amid a decline in sales and weaker profitability for phones.

LG Electronics, the world's third-biggest maker of flat screen TVs, earned 856 billion won ($722.4 million) in the three months ended June 30, it said Wednesday in a regulatory filing. That was down 33 per cent from a net profit of 1.28 trillion won a year earlier.

Sales in the second quarter fell a marginal 0.7 per cent to 14.4 trillion won from 14.5 trillion won a year earlier. Seoul-based LG Electronics Inc. said that sales of flat screen televisions rose 47 per cent to 6.3 million sets from the year before.

Mobile phone handset sales rose 2 per cent to 30.6 million units, while revenue fell 31 per cent to 3.38 trillion won, the company said in the release and presentation materials for investors. LG cited lower average-selling prices in developed markets and money spent on research and development and marketing for lower profitability in its mobile communications business, which includes phones.