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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters LG to grow market share with cheaper phones Sun Feb 15, 2009 9:38pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Rhee So-eui SEOUL (Reuters) - LG Electronics Inc, the world's No.3 mobile phone maker, aims to increase its global market share to at least 10 percent this year and boost low-cost phone sales, the head of its handset business said. As shrinking consumer demand hits the mobile industry, LG expects deteriorating profits this year, but still targets a high single-digit percent profit margin on mobiles, against 11 percent in 2008, said Skott Ahn, President and CEO of Mobile Communications at LG. "Developed markets will definitely suffer some contraction, but there's a chance for growth in first-time buyers in emerging markets," Ahn said. He said LG was aiming to sell more than 100 million handsets this year. It sold 100.7 million mobiles in 2008, beating Motorola Inc by a slight margin to rank behind Nokia and Samsung Electronics Co Ltd, and claim about 8.5 percent of the global market. "We will be able to meet our market share goal (of 10 percent) if we can maintain our sales volume at last year's level," Ahn said, adding the targets assumed the global mobile phone market would decline about 10 percent in 2009. The comments were made at a news conference in Seoul ahead of the Mobile World Congress (MWC) in Barcelona. Samsung, which is also attending the mobile fair, reiterated at a press briefing that it aimed to sell more than 200 million handsets this year, pushing up its global market share to at least 20 percent from about 16 percent in 2008. Samsung also hopes to post a double-digit percent operating profit margin at its telecom business, spokesman Ahn Jae-kwang said. The company posted a 9 percent profit margin in 2008. Strategy Analytics forecast the global cellphone market to shrink by 9 percent in 2009, its first decline since 2001. The outlook is especially grim for the first half as shipments slow after year-end holidays in developed markets. "A decline in profit margins looks inevitable, although smartphone sales can make up for some of the revenue shortfalls caused by selling more cheap phones," said Kim Ik-sang, analyst at HI Investment & Securities in Seoul. Kim expects Samsung and LG to post 6-7 percent profit margins on their mobile phone businesses this year. "In the downturn, the best they can do is minimize handset price falls and cement their market share." LG will also have to focus more on low-end phones, priced at $100 and below, to grow in the shrinking overall market. Ahn said the South Korean firm planned to boost sales of low-cost phones by around a fifth this year. In 2008, high-end phones, sold at $200 or higher, represented about 80 percent of LG's handset revenue. However, LG will stay away from the very low-end category of $20 or lower handsets, and offer affordable mass-market models that still provide the feel of premium phones, Ahn added. "We are still in the stage of building up our brand in emerging markets," he said. "And we still want to avoid price competition." Continued... 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