LG Electronics Q1 profit jumps on solid TV sales

SEOUL Tue Apr 29, 2014 11:12am IST

Attendees browse at products following an LG event during the annual Consumer Electronic Show (CES) in Las Vegas, Nevada January 6, 2014. REUTERS/Robert Galbraith/Files

Attendees browse at products following an LG event during the annual Consumer Electronic Show (CES) in Las Vegas, Nevada January 6, 2014.

Credit: Reuters/Robert Galbraith/Files

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SEOUL (Reuters) - South Korea's LG Electronics Inc (066570.KS) on Tuesday said its first-quarter operating profit rose 44 percent from a year earlier, beating analyst estimates, as growth in sales of high-end TV models helped offset losses from its handset business.

LG reported January-March operating profit of 504 billion won ($487 million), compared with the 279 billion won mean estimate of 37 analysts polled by Thomson Reuters I/B/E/S.

The world's second-largest TV maker after Samsung Electronics Co Ltd (005930.KS) reported operating profit of 349 billion won a year earlier and 238 billion won in October-December.

The Korean manufacturer said its TV division ran an operating profit of 240 billion won from 11 billion won a year earlier. Its mobile phone unit ran a 9 billion won loss from 133 billion won profit.

Shares of LG Electronics rose 3 percent after the earnings announcement, versus a 0.2 percent fall in the wider market .KS11.

($1 = 1035.1500 Korean Won)

(Reporting by Se Young Lee; Editing by Christopher Cushing)

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