LG Electronics Reports 44.2% Increase in Third-Quarter Net Profit

SEOUL, South Korea - LG Electronics Inc. announced on Friday that its third-quarter net profit rose to 485.2 billion won (US$359.2 million), a 44.2 percent increase compared to the same period last year.

According to a new release by Yonhap News Agency, LG Electronics also posted an operating profit of 996.7 billion won for the July-September quarter. This is an increase from the 746.6 billion won reported a year ago. Meanwhile, the company's revenue saw a decline, falling 2.2 percent to 20.7 trillion won.

The operating profit surpassed market expectations, being 24.9 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Information regarding estimates of net profit was not available.

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