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LG Electronics reports 45 percent plunge in 2Q profit

July 29, 2015
LG

(Yonhap)

By Kang Yoon-seung

SEOUL, July 29 (Yonhap) — LG Electronics Inc., South Korea’s No. 2 tech giant, said Wednesday its second-quarter net profit tumbled 45 percent from a year earlier.

Net profit came to 226.38 billion won (US$19.57 million) in the April-June period, compared with 411.83 billion won a year earlier, LG Electronics said in a regulatory filing.

Operating profit came to 244 billion won, also down 60 percent a year earlier, while sales shed 7.6 percent to 1.39 trillion won.

The operating profit hovered far below the median estimate of 344.2 billion won in a poll of 19 brokerages conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. The consensus sales had been estimated to come in at 1.51 trillion won.

Shares of LG Electronics closed 1.74 percent lower at 43,800 won on the Seoul bourse, with the benchmark KOSPI edging down 0.06 percent. The second-quarter earnings were released after the market closed.