LG Electronics Inc. swung into 93 percent slump in its third quarterly net profit, spurred mainly by currency-related losses, however managing to post a rise in its

Asia’s second-largest maker of mobile phones posted a net profit of 25 billion won ($19.10 million) for the third quarter ender 30 September, 2008, down from 339 billion won a year ago, hurt by losses related to foreign exchange debts, which were further aggravated by the won''s 30 percent slide this year.

Its operating profit on a global basis climbed to 571 billion won, higher than the 361.5 billion posted last year and in line with a forecast for 562 billion won.

The company sold 23 million mobile phones in the third quarter, as against 27.7 million units sold in the second quarter.

Even with the global economic slowdown, LG is expected to outperform its technology peer for the rest of 2008 but will face a competitive product mix in handsets due to weaker won.