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Tuesday April 19, 07:01
LG first-quarter profit tumbled 86%
(by Roy Deng)

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LG Electronics Inc. reported on Tuesday that its first-quarter profit tumbled 86% due to the rise of the won against the dollar.

Profit plunged to 83.2 billion won ($81.8 million) from 584.7 billion won in the previous year. Sales fell 0.6% to 5.959 trillion won from 5.996 trillion won last year. Analysts were expecting profit of 113.8 billion won on sales of 6.26 trillion won.

Operating profit fell 31% to 279.8 billion won from 406.9 billion won.

Sales from its mobile communications unit rose 15.6% to 2.16 trillion won.
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