LG Electronics Beats Expectations with Record Q2 Revenue

SEOUL, South Korea - LG Electronics (066570. KS) reported record second-quarter revenue as strong sales of home appliances and vehicle components offset weakness in its TV business. 

The company's April-June quarter operating profit was KRW 1.20 trillion (US$867 million), up 61.2% from the previous year. 

Revenue rose 8.5% to KRW 21.69 trillion (US$15.68 billion). 

LG's home appliance division saw revenue climb 10.6% year-on-year to KRW 8.84 trillion (US$6.39 billion), while operating profit increased 16.3% to KRW 694.4 billion (US$502 million). 

The vehicle component business swung to a profit of KRW 81.7 billion (US$59 million) from a loss a year ago, with revenue edging up 1% to KRW 2.69 trillion (US$1.94 billion). 

However, LG's TV division's profit fell 23.3% to KRW 97 billion (US$70 million) despite a 15.3% jump in revenue to KRW 3.62 trillion (US$2.62 billion), as higher LCD panel prices squeezed margins. 

"We achieved balanced growth across our core and future businesses this quarter," said LG Electronics CFO Kim Sung-hyun. "We'll continue transforming our portfolio to be more future-oriented while maximizing potential in existing segments." 

The company expects continued home appliance and TV growth in the third quarter and a recovery in auto parts demand. 

It plans to maintain profitability through optimized global operations. 

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