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LG Elec Q2 profit up 16% on robust sales of home appliances

Collected: 2016.07.09

Distributed: 2016.07.11

Source: Go Direct

South Korea’s LG Electronics Inc. reported an operating profit of 584.6 billion won ($550.9 million) for the second quarter, up 15.7 percent from the previous quarter, as robust sales of high-end consumer appliances helped to compensate for disappointing performance of its new smartphone series.

Sales for April-June reached 14 trillion won, up 4.8 percent from the previous quarter, according to its guidance release.

Home division drove profit as it had done in the first quarter. Operating profit from the Home Appliance & Air Solution rose 10 percent on quarter to 430 billion won. The TV division also kept profit above 300 billion won.

LG’s premium home appliances have created a splash home and abroad. Having already raked in more than 800 billion won in the first half, the home division is likely to earn at least 1 trillion won for the full year.

Its ambitious new flagship series however was a major upset. The heavily invested G5 series ate into the company’s entire profit instead of boosting it. The mobile division is estimated to have extended losses in the second quarter, slightly easing from the first-quarter loss of 202 billion won. Analysts forecast loss of around 100 billion won.

By Lee Seung-hoon and Lee Gyung-jin

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