LG Electronics Q1 profit jumps on solid TV sales

Wednesday, 30 April 2014 00:00 - - {{hitsCtrl.values.hits}}

Reuters: South Korea’s LG Electronics Inc on Tuesday said its first-quarter operating profit rose 44% 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 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.