LG's Drop in Handset Market Causes 33% Decrease in Profit

South Korea's LG Electronics said on July 28 that its second-quarter net profit had fallen 33% from a year earlier as its handset business lost money for the first time in four years.

The world's third-largest mobile phone maker reported a net profit of 856 billion won (US$721 million) from April-June compared to 1.28 trillion won a year earlier.

Sales fell 0.7% year-on-year to 14.41 trillion won, while operating profit plunged to 126.2 billion won from a revised 1.24 trillion won a year earlier.

Copyright Agence France-Presse, 2010