LG profits jump 165% in its second quarter

LG profits jump 165% in its second quarter

South Korean electronics giant LG has reported a 165% jump in net profit for its second quarter compared to the same quarter a year ago. The company announced a good performance in its mobile division and strong television sales.

Net profit for the April-June period was 412bn won ($399.8m), said LG in a statement. Meanwhile, operating profit rose by 26.5% to 606bn won and sales increased 0.9% to 15.37tn won.

LG's handset unit made a remarkable turnaround with an operating profit of 85.9bn won following losses in three previous consecutive quarters. LG shipped 14.5m smartphones in its second quarter, up 20% on a year ago. LTE products accounted for more than one-third of all LG smartphones sold this year. As a result, sales increased 16% to 3.62tn won ($3.51bn), the highest since the first quarter in 2010.

Operating profit for its TV division rose 65% year-on-year to 154.5bn won, while TV sales were 5.09tn won.

LG launched the G3 smartphone in May and will continue its rollout globally. 'Much of the success was due to the initial popularity of the LG G3 in the Korean market and strong sales of L series smartphones,' said the company.

It will also introduce more mass tier products in the second half of the year, including variations of the LG G3 and additional L Series models.

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