LG Electronics says first-quarter operating profit likely up 66 percent vs year ago

Reuters News
Posted: Apr 11, 2016 3:27 AM

SEOUL (Reuters) - South Korean tech firm LG Electronics Inc said on Monday its first-quarter operating profit likely rose 66 percent from a year earlier, easily beating expectations and pointing to an earnings boost from healthy appliance sales and falling television panel prices.

LG Electronics said in a regulatory filing it expects a January-March profit of 505 billion won ($441 million), compared with 305 billion won a year earlier. That would be well above an average forecast for 408 billion won from a Thomson Reuters I/B/E/S survey of 25 analysts.

But the firm estimated January-March revenue would be 13.4 trillion won, down 4.5 percent from a year earlier.

LG Electronics gave no other details on the quarter's performance, set to be disclosed in full when it formally reports earnings in late April.

(Reporting by Se Young Lee; Editing by Kenneth Maxwell)