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LG posts Q3 results, expects slowdown next quarter

Posted: 20 Oct 2006 ?? ?Print Version ?Bookmark and Share

Keywords:LG Electronics? Q3 results? revenue? Sean Shim?

LG Electronics Inc. disclosed that it turned a profit in its Q3 as a result of brisk sales in the mobile communications and display sector. However, a slowdown is expected in the final quarter.

Earnings for Q3 ended Sept. 30 included net income totaling $23.7 million compared to a net loss of about $10.2 million in the previous quarter. Net profit totaled about $164.5 million.

Third-quarter sales totaled $6.34 billion, up 4.5 percent from the previous quarter and up slightly from the same quarter last year. Exports accounted for 75 percent of LG's total sales in Q3 the company said.

Mobile communications and digital display sales led the rebound in profits, with bookings up $31.9 million and $23.8 million, respectively. The display increase was recorded despite an equity method loss of $114 million by display subsidiary LG.Philips LCD. Strong sales of plasma displays and LCD TVs fueled an 18.9 percent quarterly jump in display sales, which rose 28.8 percent over a year earlier.

Sales revenue for LG's mobile communications division rose 4.7 percent sequentially but fell 9.7 percent over a year ago.

LG expects slower Q4 sales, cutting its sales forecast by 11 to 12 percent sequentially. It cited further declines in average selling prices for its main products due to domestic and global competition.

- Sean Shim
EE Times




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