LG Electronics said Monday its third-quarter advantage plunged more than 90 percent as soft spot in the South Korean won made it more priceless to post accountability issued in transpacific currency. LG Electronics Inc. earned 24.9 billion won ($18.9 million) in the three months ended Sept. 30, down 92.7 percent from the same interval decisive year, the institution said in a regulatory filing.
Sales rose 21 percent to 6.89 trillion won ($5.24 billion) from 5.69 trillion won a year earlier, the convention said.
LG Electronics, the world's fourth-largest producer of unfixed phones, also produces a discrepancy of products including household appliances, particular computers and televisions. The U.S. dollar was 14.5 percent higher against the South Korean won on commonplace in the third station compared with the same years after year, according to figures provided by LG.
A stronger dollar means the presence had to use more South Korean won to amenities its non-native currency-denominated debt. The guest also said serve was anguish by a 125 billion won equitableness manner decrement from stipend in its abroad subsidiaries and investment in South Korea's LG Display. An impartiality technique improve or downfall is the definite or negative earnings bump from related companies. Flat panel industrialist LG Display said form week its third-quarter further fell 44 percent to 295 billion won ($224.3 million).
LG Electronics owns nearly 38 percent of LG Display. LG Electronics said it sold 23 million movable phone handsets in the quarter, a improvement of 5 percent from the year before period. Sales dropped 17 percent from this year's transfer quarter, however, on weaker sales in India and other emerging markets. Still, the retinue said it expects to bring off its ideal of 100 million handset shipments for 2008 on crop in the fourth quarter.
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