Flat Screen and Hand Set Manufacturer LG Electronics Profits Fall 33%

Seoul Korea – Wednesday, July 28, 2010 – ShutterVoice – Sales in Europe for cell phones and flat screen TV units have being on the decline for the first two quarters in 2010 due to the recession through out Europe. This downturn in buying customers has impacted on trading figures for LG Electronics the Korean manufacturer whose profits in Quarter 2 this year are down 33 per cent.

LG Electronics are the third largest handset maker in the world. In the second quarter, the company sold 30.6 million handsets, up from 27.1 million units in the first quarter, but had to slash the unit price as buyers were not buying the units when they were on sale at the retail price. LG had two options either except return units into storage or slash the price and get the units off the inventory, they reduced the price and they sold off in millions of units

‘The black goods market is a tough market and makers have to sell!’