April 29, 2014 / 5:07 AM / 3 years ago

LG Electronics Q1 profit jumps on solid TV sales

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

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

Our Standards:The Thomson Reuters Trust Principles.
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