LG Electronics Post Profit on Smartphone Sales

South Korean consumer electronics maker LG Electronics Inc. reported a third straight quarterly profit on Wednesday as sales of smartphones designed for faster wireless networks helped end losses at its mobile phone business.

LG forecast higher smartphone sales for the current quarter but warned lower seasonal demand for home appliances and air conditioners may result in a decline in overall profit. LG’s mobile business also faces stiff competition in the premium smartphone market dominated by Apple Inc. and Samsung Electronics.

LG Electronics said its net profit totaled 157 billion won ($142 million)

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