LG Mobile Communications continues to struggle in its attempt to catch up to other Android smartphone makers. While HTC and Samsung have reported record sales with their flagship devices, LG reported an 8.5 percent year-over-year drop in sales.

The mobile division at LG reported that it lost KRW 139 billion ($ 128.47 million USD) in Q3 2011. It was the sixth consecutive quarter in which LG lost money, and twice as bad as the Q2 2011 results according to Reuters. ”Today’s earnings report does not ring the alarm because investors are already aware that it is doing badly,” said LG investor Park Yong-myung. “The issue of its floundering mobile business is already reflected in its shares, which almost halved.”

During disappointing results in Q3 2010, LG remained optimistic that its outlook would improve thanks to the new Optimus One series. Those expectations proved successful as the low-cost phone shipped millions of units across the globe. LG is now equally optimistic about the Optimus LTE, which is heading to Canada as the Optimus Eye on Bell.

Other than the LG Thrill (Optimus 3D) released on AT&T, LG hasn’t had a major release outside of Korea for months. Meanwhile, HTC, Motorola, and Samsung have released or announced a slew of products to appeal to a wide range of customers. LG lacks a portfolio as diverse, but if it can repeat the success of getting an appealing phone like the Optimus One onto multiple carriers, it can hope to reverse fortunes.

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