LG second-quarter profit dips on weak TV recovery; sets smartphone sales record

SEOUL - LG Electronics Inc, the world's No.2 TV maker, reported a 9 per cent fall in quarterly profit on Wednesday, beating forecasts as weak TV sales and tight margins offset a solid recovery in its smartphone business.

April-June operating profit fell to 479 billion won (S$542.73 million), above a consensus forecast of 457 billion won by Thomson Reuters I/B/E/S.

The profit compares with 526.7 billion won a year ago and 349.5 billion won in the previous quarter.

LG, whose once loss-making smartphone business rebounded to become the world's third biggest late last year, is now hoping its flagship G2 model, due out early next month, will help narrow a gap with market leaders Samsung Electronics Co Ltd and Apple Inc.

The South Korean firm, which sold a record 12.1 million smartphones in the second quarter, has said the new G2 model will include a full high-definition screen and connection speed up to twice faster than conventional 4G networks.