LG Electronics Posts Record Q2 Earnings

Sales rose 13.8%

LG Electronics, on July 22, reported a record quarterly net profit, boosted by brisk sales of flat panel televisions and mobile phones.

Second-quarter net profit surged 62% from a year earlier to 1.15 trillion won (US$920 million) from 707 billion.

LG, the world's third largest mobile phone maker, had reported a loss of 197.6 billion won in January-March.

Sales on a global basis, which includes overseas units, jumped 13.8% year-on-year to 14.5 trillion won. Operating profit rose 32% to 1.13 trillion won.

On a parent basis the company recorded sales of 8.47 trillion won and an operating profit of 714 billion won.

Handset shipments rose 7.8% from a year earlier to 29.82 million. Shipments of flat panel TVs rose 45% year-on-year to 4.28 million.

"Profitability improved with a product mix centred on new model launches and solid growth from existing mid- to high-tier handsets," the company said.

LG, the country's second-largest electronics maker by revenue after Samsung Electronics, forecast sales would grow more than 10% in the third quarter on brisk demand for LCD-TVs and mobile phones.

Copyright Agence France-Presse, 2009

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