Arab Today, arab today s korea\s lg posts 87 drop in q2 net profit
Last Updated : GMT 17:58:57
Arab Today, arab today
Arab Today, arab today

S. Korea\'s LG posts 87% drop in Q2 net profit

Arab Today, arab today

Arab Today, arab today S. Korea\'s LG posts 87% drop in Q2 net profit

Seoul - AFP

South Korea\'s LG Electronics said Wednesday that second-quarter net profit plunged 87.3 percent from a year earlier due to flagging sales of mobile phones and televisions. Net profit was 108.4 billion won ($103.4 million) in April-June compared with 856.4 billion won a year earlier. The second-quarter result, however, represents a return to profitability following two quarters of losses. \"The turnaround in net profit reflected steady improvements in (our) businesses and successful cost-reduction efforts,\" the company, the world\'s third-largest mobile phone maker, said in a statement. Sales fell 0.2 percent from a year earlier to 14.4 trillion won, while operating profit rose 25.3 percent to 158.2 billion won. LG had failed quickly to roll out smartphones to rival Apple\'s market-leading iPhone and Samsung Electronics\' Galaxy S. The company said it would see modest growth in the third quarter. \"For the long-term, the company will continue to strengthen profitability through aggressive cost innovation and strategic investments in existing as well as new business areas,\" it said. Analysts said that after a year of struggling in the competitive smartphone market, LG is set for continued profit growth due to increased sales of smartphones and three-dimensional televisions.

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