LG Electronics Q1 profit jumps on solid TV sales
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)
- Tweet this
- Share this
- Digg this
- Govt considers ban on e-cigarettes, sale of single smokes
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- India's fiscal deficit in H1 almost 83 pct of full-year target
- Muslim men over 50 pray at Jerusalem's Aqsa mosque amid tight security
- Air strikes hit Kobani as Kurdish peshmerga prepare to enter
Samsung Electronics unveiled two new mid-tier handsets with a premium design as it prepared to deliver a riposte to its low-priced Chinese rivals and reclaim its title as the top brand in the world's biggest smartphone market. Full Article