LG posts healthy Q2 profit despite mobile setback
LG Electronics saw its second quarter profit rise 13.6 percent from a year ago, backed by strong home appliance and TV sales.
The company posted operating profits of 664 billion won ($590 million), as announced in its preliminary guidance earlier this year, a rise of 13.6 percent from a year ago.
However, the mobile business posted an operating loss of 132.4 billion won, due to marketing costs for the G6 launched earlier this year.
Home appliances performed strongly in the US and Korean markets, contributing 465.7 billion won. The division also contributed the lion's share in the first quarter.
TVs contributed 343 billion won thanks to increased sales of its premium TVs.
Its vehicle component posted a slight loss but revenue increased 38 percent thanks to supplies to GM, LG said.
To offset mobile losses, LG said it will expand sales by promoting new G6 family models, the new Q series, and the upcoming V30, which the company is expected to unveil at the IFA tradeshow next month.
The V30 is set to feature an 18:9 ratio display like the G6. Longer screens and bezel-less displays will continue to be key hardware characteristics going forward, Park Sangku from LG's mobile division previously told ZDNet.
The company's global full-year operating profit for the period ended December 31, 2016 was 1.34 trillion won, a 12.2 percent increase from the previous corresponding period.