SEOUL (Reuters) - LG Electronics Inc (066570.KS) reported on Monday an 84 percent jump in quarterly earnings, helped by high margins on mobile phones, brisk TV sales and solid results at its LCD joint venture.
LG, the worlds fourth-largest mobile phone maker after Nokia (NOK1V.HE), Samsung Electronics (005930.KS) and Motorola (MOT.N), posted April-June net profit of 707 billion won (696.5 million) versus 385 billion won a year ago.
The figure missed a forecast for 802 billion won by 10 analysts surveyed by Reuters.
Quarterly revenue on a global basis was 12.7 trillion won, up 22 percent from last year. Operating profit on a global basis climbed to 856 billion won from 464 billion won.
While the outlook for the rest of the year remains clouded by the deepening global economic slowdown, the South Korean company is still expected to put in a strong performance on the back of its resilient mobile phone division, boosted by a weaker won currency that has made exports more competitive.
Shares in LG fell 6.7 percent in the second quarter against the KOSPIs(.KS11) 1.7 percent fall, amid growing concerns over the global economy.
(Reporting by Marie-France Han and Rhee So-eui, editing by Keiron Henderson & Ian Geoghegan)
LG, the worlds fourth-largest mobile phone maker after Nokia (NOK1V.HE), Samsung Electronics (005930.KS) and Motorola (MOT.N), posted April-June net profit of 707 billion won (696.5 million) versus 385 billion won a year ago.
The figure missed a forecast for 802 billion won by 10 analysts surveyed by Reuters.
Quarterly revenue on a global basis was 12.7 trillion won, up 22 percent from last year. Operating profit on a global basis climbed to 856 billion won from 464 billion won.
While the outlook for the rest of the year remains clouded by the deepening global economic slowdown, the South Korean company is still expected to put in a strong performance on the back of its resilient mobile phone division, boosted by a weaker won currency that has made exports more competitive.
Shares in LG fell 6.7 percent in the second quarter against the KOSPIs(.KS11) 1.7 percent fall, amid growing concerns over the global economy.
(Reporting by Marie-France Han and Rhee So-eui, editing by Keiron Henderson & Ian Geoghegan)
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