LG Elec. Reports $150.7 mn OP for Q2

South Korea's LG Electronics disclosed its performance for the second quarter (Q2) this year, which was only slightly below market expectations. LG Electronics reported 14.39 trillion won in sales revenue and 158.2 billion won ($150.7 million) in operating profits (OP), which is a 9.3% and 20.9% increase each from the previous quarter.

Growing popularity of premium products in the TV and mobile phones division, and thriving sales of air conditioners helped spike up both sales revenue and OP from previous quarter, the company explained. In particular, growth in smartphone sales helped reduce losses in the mobile phone division from last quarter.

These figures were only slightly lower than estimates previously posted by securities companies (14.4 trillion won for sales and 164.0 billion won for OP).

The Home Entertainment (HE) unit reaped in 5.42 trillion won in sales and 90.3 billion won in OP while the Mobile Communications (MC) unit saw 3.25 trillion won in sales and 53.9 billion won in operating loss. Mobile phones accounted for 3.2 trillion won in sales and 54.7 billion won in operating loss of the MC unit total. A total of 2,480 mobile phones were sold, a mere 1% jump quarter-to-quarter, but growth in samrtphone sales soared 50%, contributing to boost the MC units' total revenue 11.6 % higher compared to the previous quarter.

Home Appliance (HA) unit saw 2.88 trillion won in sales and 50.7 billion in OP. Strong performance in the emerging markets helped raise sales revenue by 6% from last year to reach the highest quarterly performance to date.

The Air-Conditioning and Energy Solution (AE) unit saw a boom in air conditioning sales, both in Korea and the emerging market, which allowed the company to make a 15% jump from last year to bring in 1.88 trillion won in sales and 43.7 billion won in OP.

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