SEOUL 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)
Trending On Reuters
Twitter Inc has shut down more than 125,000 terrorism-related accounts since the middle of 2015, most of them linked to the Islamic State group, the company said in a blog post on Friday. Full Article
- Exclusive - Top cybercrime ring disrupted as authorities raid Moscow offices - sources
- Business services firms' shares bleed as LinkedIn, Tableau crash
- U.S., Britain eye letting spy agencies, police seek email, chat data from companies
- Tiger Global still likes Internet names, gets pointers from Jeter
- TSMC says quake impact on Q1 shipments no more than 1 pct