10/20/2008 3:34:00 PM
LG sales up by 30% while Nokia and Sony Ericsson report falls
While Nokia and Sony Ericsson are reporting falling sales, LG’s mobile communications company announced a 30% increase in sales – rising to £2.1bn for the three months ending with September. Handset sales were at £1.9bn – up 41% year-on-year.
Handset shipments increased by 5% year-on-year but were down 17% quarter-on-quarter. The company blames slow sales in the Indian market for lower sales during the third quarter.
Key products such as Secret and Viewty kept the mobile divisions margins in double figures, at 12%.
LG expects shipments to grow in the fourth quarter and to bring the total to 100m units for the year. The company also hopes to maintain margins above 10%. The final quarter of the year will see the launches of the eight-megapixel Renoir phone, the Prada 2 and Cookie, a mid-tier touch-screen handset.