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LG Electronics Q2 net dips 38 pct amid pandemic

All News 15:31 July 30, 2020

SEOUL, July 30 (Yonhap) -- Major home appliance maker LG Electronics Inc. on Thursday said its second-quarter earnings dropped 38 percent as the novel coronavirus pandemic reduced demand for its products.

South Korea's No. 2 electronics company said its net profit stood at 65.6 billion won (US$54.9 million) in the April-June period, down 38.1 percent from a year earlier.

Its operating profit plunged 24.1 percent on-year to 495.4 billion won in the second quarter, while sales dropped 17.9 percent on-year to 12.8 trillion won over the cited period.

Compared with the first quarter, its operating income slid 54.6 percent and sales declined 12.9 percent.

The figures were in line with the earnings guidance announced earlier this month that beat the market consensus.

This photo taken May 15, 2020, shows the outdoor signage at LG Electronics Inc.'s office building in Seoul. (Yonhap)

kdon@yna.co.kr
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