LG Electronics Inc. said Friday its operating profit for the April-June period likely rose nearly 13 percent from a year earlier on strong performance of premium consumer products and electric vehicle (EV) parts business.
The South Korean tech company estimated its second-quarter operating profit at 892.7 billion won (US$684.2 million), up 12.7 percent from a year earlier.
Sales rose 2.7 percent to 19.99 trillion won. The data for net income was not available.
The relatively robust earnings results were largely thanks to solid demand for high-end home appliances and electric vehicle parts, as well as stabilizing shipping and material costs.
"Sales of high value-added products of premium brands have been strong amid an economic slowdown," Park Kang-ho, an analyst at Daishin Securities, said.
"LG's EV business, in particular, is showing better-than-expected performances and driving the company's overall growth, as electric vehicles are on the rise and LG diversifies its customer base."
The company will release its final earnings report later this month.
Source: Yonhap News Agency