LG Electronics, South Korea's No. 2 electronics manufacturer after Samsung, saw its net profits plunge 93 percent in the third quarter, mostly because of currency-related losses, the company reported Monday.

However, LG said that strong sales in mobile phones boosted its operating profits, which rose to 571 billion won, 58 percent over the same period last year. LG is ranked No. 4 in mobile phones after Nokia, Samsung, and Motorola.

The company reported a July-September net profit of 25 billion won ($19.10 million), a sharp decline from 339 billion won a year earlier. The figure was well below the average analyst expectation of 180 billion won.

The global financial crisis has already affected computer chips and flat-screenTVs and is now expected to slow sales of mobile phones. However, LG could outperform its rivals because of the relatively cheap won, which has lost 30 percent of its value against the dollar this year.

LG has benefited from selling handsets in the higher-priced segment of the market, at an average price of $145. It's global market share fell to 7.4 percent in the third quarter from 9.1 percent in the second quarter, according to analyst Ittai Kidron at Oppenheimer. North American shipments were a bright spot, growing 10 percent quarter to quarter. The company expects to ship 100 million handsets this year.