Record quarterly net profit for LG
LG Electronics has reported a record quarterly net profit, primarily because of high sales of cellphones and flatscreen tvs.
The electronics manufacturer posted a net profit of 1.15trillion won ($917million) for Q2 – compared with a year earlier, a 62% increase.
Operating profit – sales, minus the cost of goods sold and administrative expenses - increased 32% to 1.13trillion won ($895mn).
In a statement, LG announced that for Q3 it expects sales to grow over 10% year on year, as demand for lcd tvs and mobile phones continues to expand. Meanwhile, the company plans to overtake Sony in terms of lcd tv shipments this year (an increase of 70%) and by offering wireless and energy saving models.
