LG 4th quarter 2006 results down

[Barry]

LG once again posted drops in revenue and operating profit for the fourth quarter of 2006. The handset division shipped 17 million handsets in the fourth quarter, more than half in CDMA markets, a 5-percent increase over the year-ago quarter. Revenue in the handset business alone reached $2.3 billion, down 11 percent from the year-ago quarter. Operating margins dropped to 2.7 percent, a 1-percent drop from the prior quarter.

LG’s operating profit in its handset business clocked in at $62.8 million, down 25 percent from the previous quarter and down fully 70 percent over the same quarter a year ago.

LG projected that handset shipments in 2007 would reach 78 million units, a 22-percent jump from the 64 million phones it shipped in 2006.

Quarterly revenue at the parent corporation reached $5.9 billion, down 11 percent from the year-ago quarter. The company posted a loss of $46 million in operating profit.

For the entire year, LG posted $24.2 billion in revenue, a 3-percent decline from 2005. Net profit was $222 million; no comparison data were given for the prior year. Annual handset shipments reached 64.4 million units, a 17-percent jump compared with 2005.

_________________
Start Posting for Cool Prizes!