LG Electronics’ operating income up 4.3% on home appliance, TV biz
LG Electronics said Monday its third-quarter operating profit is expected to have increased 4.3 percent from a year earlier on the back of its robust home appliance and TV businesses.
In an earnings guidance, the electronics maker said it expects to post 781.1 billion won ($652 million) in operating profit in the July-September period.
The figure was above the median forecast of 605.5 billion won operating profit in a survey conducted by Yonhap Infomax, the financial arm of Yonhap News Agency, on 23 Korean brokerage houses.
Its sales are expected to be 15.7 trillion won in the third quarter, a 1.8 percent increase from a year earlier, the company said. The figure is the highest for the third quarter.
The company did not provide details for each division, saying it will release its earnings report later this month.
Analysts attributed the better-than-expected earnings to the company’s cost-cutting efforts in its mobile business, which has been sluggish for years.
LG also announced that it will complete the relocation of its Korean production line to Hai Phong, a northern Vietnamese city, by the end of this year to reduce costs.