SEOUL, Oct. 18 (UPI) -- South Korea's technology giant LG Electronics Inc. said Tuesday third-quarter profits fell 48.5 percent on lower profit margins from its handset business.
LG Electronics, globally a leading manufacturer of mobile handsets and South Korea's biggest maker of home appliances, earned $149.7 million in net profit for the July-September period, down from $290.5 million a year earlier, the company said in a regulatory filing.
Operating income sank 21.2 percent from a year ago to $266 million, with sales slipping 1.5 percent to $5.7 billion.
But company officials said the outlook for the world's fourth-largest mobile phone maker is brighter on rising sales of more expensive handsets, noting its third quarter operating profit was up 94.5 percent compared to the previous quarter. It is recovering from its first operating loss from handset sales in the second quarter, they said.
The company's display division, which makes plasma flat screens and computer monitors, is set to benefit from more stable flat panel prices as the industry rebounds from a yearlong slump, the company said.
