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LG Electronics delivers estimate-beating Q2 earnings amid pandemic

All News 15:26 July 07, 2020

By Joo Kyung-don

SEOUL, July 7 (Yonhap) -- LG Electronics Inc. on Tuesday delivered market estimate-beating second-quarter earnings as its home appliance business apparently performed better than expected amid the novel coronavirus pandemic.

In its earnings guidance, South Korea's No. 2 electronics firm estimated its operating profit to be 493.1 billion won (US$412 million) for the April-June period, down 24.4 percent from a year ago.

The figure, however, was higher than the market consensus of 435 billion won in operating profit in the survey conducted by Yonhap Infomax, the financial arm of Yonhap News Agency, on 10 Korean brokerage houses.

LG expected its second-quarter sales to be 12.8 trillion won for the three-month period, down 17.9 percent from a year earlier.

The figure was slightly lower than the median estimate of 13.1 trillion won.

LG, the world's leading OLED TV maker, did not break down performances of its respective business divisions, saying it will announce the detailed earnings later this month.

This photo taken on April 7, 2020, shows LG Electronics Inc.'s office building in Seoul. (Yonhap)

kdon@yna.co.kr
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