Third-quarter net profit of LG Electronics Inc. surged nearly 15-fold thanks to record handset sales and better performance by its flat panel joint venture LG.Philips LCD Co., the company said Tuesday.
LG Electronics earned 339.2 billion won (US$369.8 million; EUR260.3 million) in the three months ended Sept. 30, the company said in a regulatory filing, far higher than the 22.7 billion won profit it posted a year earlier.
The result was better than expected. The average estimate of nine analysts surveyed by Dow Jones Newswires forecast that the company would post a net profit of 318.1 billion won (US$346.8 million; EUR244.1 million).
Sales during the quarter fell 6 percent to 5.69 trillion won (US$6.2 billion; EUR4.36 billion) from 6.05 trillion won a year earlier.
On a consolidated basis that includes the company's global operations, LG Electronics' sales did better, rising 11.8 percent from a year ago to 9.91 trillion won ($US10.8 billion; EUR7.61 billion), the company said in a separate release.
Profitability was helped by an equity method gain of 206 billion won (US$224.6 million; EUR158.1 million) from its 37.9 percent stake in LG.Philips, the world's second-largest maker of liquid crystal displays.
LG.Philips last week recorded its best quarterly profit in more than three years and swung from a loss during the same period the year before on strong sales and higher prices for its flat panels.
LG, which does not release a consolidated net profit figure, said operating profit on that basis rose marginally to 362 billion won ($US394.7 million; EUR277.8 million).
Shares in LG Electronics, which released earnings about an hour before the stock market closed, fell 3.3 percent to close at 87,900 won US$96; EUR67).
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