LG Electronics profit soars amid strong handset sales

Robert Dow

SEOUL, South Korea – LG Electronics Inc., a major producer of mobile phones and consumer electronics, said Tuesday that third-quarter net profit surged nearly 15-fold amid record handset sales and better performance by its flat panel joint venture LG.Philips LCD Co.

LG Electronics earned 339.2 billion won ($369.8 million) in the three months ended Sept. 30, the company said in a regulatory filing, far higher than the 22.7 billion won profit it posted a year earlier.

On a global basis, LG said its sales of handsets rose to a quarterly record of 21.9 million units on increases in Latin America, Asia and the Middle East.

All this happiness while Motorola seems to be hitting the skids. In August it was reported that Motorola’s market share dropped from 21.9% to 14.9% barley hanging onto their second place position behind Nokia and in front of hard charging Samsung. It might be time for Motorola to produce something besides reruns of the once untouchable Razr. That ship seems to have left the dock.—CRD