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LG Electronics Posts 3rd-Quarter Profit on Phone Earnings

Wednesday, October 24th, 2012

LG Electronics Posts 3rd-Quarter Profit on Phone Earnings
News from Businessweek:

LG Electronics Inc. (066570), South Korea’s second-largest mobile-phone maker, returned to profit in the third quarter on earnings from handset sales.

Net income was 157.1 billion won in the three months ended Sept. 30, compared with a loss of 413.9 billion won a year earlier, Seoul-based LG said in a statement today. The average of 22 analyst estimates compiled by Bloomberg was for a profit of 158.6 billion won.

The company is counting on its Optimus line of smartphones running Google Inc. (GOOG)’s Android operating system to compete with Apple Inc.’s iPhone and Samsung Electronics Co.’s Galaxy devices, while cutting production of cheaper basic phones. LG also seeks to capitalize on demand for computer-like TVs and other appliances to fuel growth.

“They are improving,” Lim Dori, a Seoul-based analyst at Shinyoung Securities Co., said by phone before today’s announcement. “The handset business is steadily getting back on track. In home appliances, LG is competitive, widening their lead over smaller rivals.”

To contact the reporter on this story: Jun Yang in Seoul at jyang1…………… continues on Businessweek

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