LG Electronics Second-Quarter Net Profit Tripled on Year

By Kwanwoo Jun

LG Electronics' net profit in the second quarter more than tripled from a year earlier, sustaining its solid growth after a profit turnaround in the prior quarter.

The solid quarterly results from the South Korean consumer electronics giant were largely driven by its home appliance and vehicle-component businesses.

Net profit for the quarter ended in June was 629.50 billion won, the equivalent of about $455.0 million, compared with 195.30 billion won for the same period a year earlier, the company said Thursday.

That missed a FactSet-compiled consensus forecast for net profit of 633.86 billion won.

Revenue during the quarter rose 8.5% on year to 21.694 trillion won, while operating profit jumped 61% on year to 1.196 trillion, largely in line with the company's preliminary forecasts.

LG Electronics said the figures marked new record highs for the company's second-quarter revenue and operating profit.

Write to Kwanwoo Jun at [e-mail]

(END) Dow Jones Newswires

07-25-24 0226ET