LG Electronics Profits Plunge 85%

Discussion in 'Stocks' started by ByLoSellHi, Jan 23, 2007.

  1. http://hosted.ap.org/dynamic/storie...=MIDTN&SECTION=DJSP_COMPLETE&TEMPLATE=DEFAULT

    LG Electronics profit plunges 85 percent

    SEOUL, South Korea (AP)
    -- Fourth quarter profit at LG Electronics Co., South Korea's largest consumer appliance maker, plunged 85 percent amid falling sales and price declines for flat-screen televisions, the company said Tuesday.

    The Seoul, South Korea-based company said it earned 48.2 billion won ($51.2 million) in the three months ended Dec. 31, the company said in a statement, down sharply from the same quarter a year ago.

    Still, the result was better than expected. Analysts had expected the company to post a net loss of 7.6 billion won ($8.1 million) in the quarter, according to a Dow Jones Newswires survey.

    Sales fell 11 percent to 5.52 trillion won ($5.87 billion).

    Shares in LG Electronics, which released earnings results about 50 minutes before the stock market closed, fell 1.5 percent to 52,700 won ($56) in late session trading.
  2. Wonder if AUO will follow suit. I would think so.....