LG India quarterly profit drops as appliances, air unit slows
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LG Electronics India reported a nearly 62% drop in third-quarter profit, attributed to weaker performance in its home appliances and air solutions business due to soft demand. The standalone profit for the quarter ended December 31 was 896.7 million rupees, down from 2.33 billion rupees a year earlier. Revenue from the home appliances and air solutions division fell 10%, leading to an overall revenue decline of 6%. The company faced challenges from subdued demand for air conditioners and impacts from India's new labor laws.
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