Korean corporation LG Electronics announced the first in seven quarters of net losses, transmits AFP. Over the last three months of 2008 the company lost 671.3 billion won, which corresponds to 487.2 million dollars. In the same period in 2007, its net profit amounted to 621.3 billion won (451 million dollars).
The cause of loss was the decline in the prices of televisions, as well as fines for price collusion, which involved the company LG Display, a producer of LCD displays. This company will pay a penalty of five years beginning in 2009.
At the same time, LG Electronics revenues for the quarter grew by 12.2 per cent from 5.87 to 6.59 trillion won (with 4,26 to 4,78 billion dollars). In addition, the company sold 25.7 million mobile phones, 8 percent more than the previous period. Only in 2008 was sold to over 100.7 million mobile phones LG.
LG Electronics is one of the largest manufacturers of mobile phones, flat screen TV.
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