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LG Electronics Profit Plunges 91% Amid Stagnant TV Demand

LG Electronics Inc., the world’s second-largest television maker, posted a 91 percent drop in first-quarter profit as a stagnant market hurt TV sales. The shares fell.

Net income dropped to 22.1 billion won ($20 million) in the three months ended March 31 from 247.5 billion won a year earlier, Seoul-based LG said in a statement today. That was well below the 208.7 billion-won average of 23 analyst estimates compiled by Bloomberg.