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Biz News Korea(Eng)

LG Elec stock hit one-year high thanks to smooth launch of G6

Collected: 2017.03.17

Distributed: 2017.03.20

Source: Go Direct

Shares of LG Electronics Inc. have reached one-year high on a 52-week bull run fueled by its latest phone G6 whose early scorecard suggests it to become its bestseller yet.

LG Electronics finished Thursday at new 52-week high of 68,100 won ($60.16).

Its shares gained upward momentum after its newest flagship G6 gained positive ratings upon unveiling at a press event ahead of the 2017 Mobile World Congress (MWC) held in Barcelona, Spain from Feb.27 to Mar.2. The phone has sold more than 30,000 units in the first two days since its home debut Friday, raising expectations for the money-losing mobile division. The unit posted 1.26 trillion won in operating loss last year largely due to poor performance of its previous version G5.

Industry watchers expect G6 to deliver better income for its maker. Seoul-based market data provider FnGuide estimated LG Electronics’ operating profit to rise above 2 trillion won this year from 1.34 trillion won last year.

By Hong Jang-won

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