LG Innotek Q3 net down 25.8% on fluctuating exchange rate

LG Innotek, an electronic components manufacturer under LG Group, said Tuesday its third-quarter net profit fell 25.8 percent from a year earlier, as exchange-rate fluctuations weighed on profitability. Net profit for the July-September period came to 95.2 billion won ($71.9 million), down 128.4 billion won from a year earlier, the company said in a regulatory filing. LG Innotek said its net profit declined as the Korean won weakened against the U.S. dollar when it purchased raw materials in the first half of the year but strengthened sharply by the time the company began mass-producing and shipping products in the third quarter. Operating profit for the cited period fell 53.4 percent on-year to 94.8 billion won. Sales, on the other hand, rose 18.6 percent to 6.36 trillion won, surpassing 6 trillion won for the first time in the third quarter and reaching a record high for the period. Revenue increased across all business segments from a year earlier. The optical solutions division, which produces camera modules, posted sales of 5.4 trillion won, up 20.6 percent from a year earlier. The gro