SEOUL, July 25 (Xinhua) — South Korean tech company LG Electronics posted a double-digit growth in the second-quarter operating profit due to solid sales of home appliances and vehicle components, the company said Thursday.
Consolidated operating profit spiked 61.2 percent over the year to 1.2 trillion won (865.8 million U.S. dollars) in the April-June quarter.
Revenue gained 8.5 percent to 21.69 trillion won (15.6 billion dollars), and net income soared 222.3 percent to 629.5 billion won (454.2 million dollars).
The company said both the revenue and the operating profit set new second-quarter records in its history.
The home appliance unit recorded an operating profit of 694.4 billion won (501 million dollars) on revenue of 8.84 trillion won (6.4 billion dollars) in the second quarter.
Both the revenue and the operating profit increased in double digits on the back of diversification in product lineup and pricing to meet growing needs in emerging markets.
The vehicle component business generated an operating profit of 81.7 billion won (58.9 million dollars) on revenue of 2.69 trillion won (1.9 billion dollars) in the April-June quarter.
The revenue was the highest for any quarter, while the operating profit was the strongest for the second quarter due to higher demand for premium in-vehicle infotainment products.
The TV-manufacturing division logged an operating profit of 97 billion won (70 million dollars) on revenue of 3.62 trillion won (2.6 billion dollars).
The revenue grew in double figures in the second quarter from a year earlier, driven by demand recovery in Europe, but the operating profit declined on increased costs.
The business solutions unit registered an operating loss of 5.9 billion won (4.3 million dollars) on revenue of 1.46 trillion won (1.1 billion dollars).
The second-quarter revenue rose 9.9 percent on-year, but the profit declined on higher costs.
