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LG Electronics 2Q net profit plunges, sales fall

LG Electronics 2Q net profit plunges, sales fall

July 27th, 2011 in News

SEOUL, South Korea (AP) - LG Electronics, a top global manufacturer of mobile phones and flat-screen TVs, says second-quarter net profit plunged as sales declined and its mobile phone business remained in the red.

The company said Thursday it earned 108.4 billion won ($103.3 million) in the three months ended June 30. That was down 87.3 percent from net profit of 856.4 billion won a year earlier.

The result did snap two straight quarters of net losses for the Seoul, South Korea-based company known for its Optimus brand of smartphones.

Sales in the second quarter fell 0.2 percent to 14.4 trillion won.

LG's mobile communications business suffered its fifth straight quarterly operating loss in the second quarter, though the scale of red ink declined by almost half.