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LG Electronics Q1 operating profit up 65.5 pct

All Headlines 16:25 April 11, 2016

By Kang Yoon-seung

SEOUL, April 11 (Yonhap) -- LG Electronics Inc., South Korea's No. 2 tech giant, said Monday its first-quarter operating profit shot up 65.5 percent on-year, apparently driven by the improved sales of premium products.

Operating profit came to 505.2 billion won (US$440.7 million) compared to the 305.2 billion won posted a year earlier, the company said in its earning guidance report. Sales edged down 4.5 percent to 13.3 trillion won.

It marked the first time for LG Electronics to announce an earnings guidance for quarterly profits. The finalized report, including the net performances and breakdowns for each segment, will be delivered later this month.

The result hovered far above the market's estimates made earlier. According to data compiled by Yonhap Infomax, the financial arm of Yonhap News Agency, South Korea's 12 brokerage houses on average estimated LG Electronics' first-quarter operating profit at 433.5 billion won, up 42 percent from a year earlier.

Shares of LG Electronics traded 0.94 percent higher at 64,300 won Monday, while the benchmark KOSPI edged down 0.09 percent. The earnings result was announced after the trading session.

colin@yna.co.kr
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