SEOUL, Apr 25: South Korea’s LG Electronics Inc , the world’s No.2 TV maker, reported on Wednesday that quarterly profit more than tripled on improved TV sales and as its handset business swung to a small profit.
January-March operating profit rose to 448 billion won ($392.7 million) from a 131 billion won profit a year ago, beating a consensus forecast for 304 billion won by Thomson Reuters I/B/E/S. In the previous quarter, profit was 23 billion won.
LG’s handset business reported a second consecutive quarterly profit of 35 billion won after six straight quarters of losses, marking a sharp improvement from a 101 billion won loss a year ago.
Shares in LG, valued at over $11 billion, rose 1.65 percent after the earnings announcement, versus a 0.5 percent rise in the wider market. ($1 = 1140.8500 Korean won) (agencies)
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