LG Electronics Q2 net income jumps nearly 30% on robust home appliance sales

LG Electronics said on Thursday that its second-quarter net income jumped nearly 30 percent from a year earlier, driven by robust sales of premium home appliances.

Net profit came to 781.3 billion won ($543.2 million) for the April to June period, up 28.1 percent from a year before, the Korean consumer tech company said.

It posted 1.57 trillion won in operating profit for the quarter, compared to 639.4 billion won the previous year. Sales also rose 14.9 percent on year to 23.82 trillion won.

LG Electronics said that strong sales of premium home appliances and televisions, coupled with higher demand generated by major global sporting events and continued growth in its vehicle components business, helped offset uncertainties stemming from geopolitical tensions in the Middle East.

The division, which oversees the company’s home appliance business, posted 7.08 trillion won in sales and 685.9 billion won in operating profit.

LG’s television business division reported 5.11 trillion won in sales and 219.4 billion won in operating profit.

The vehicle solution operation posted 3.03 trillion won in sales and 191.2 billion won in operating profit, extending its steady growth.

Yonhap