logo
  

LG Electronics Q2 Revenues Climb, Sees Weak Operating Profit; Stock Up

Shares of LG Electronics Inc. (LGEPF.OB) were gaining around 3 percent in South Korean trading after the electronics major reported Thursday a 15 percent year-over-year increase in second-quarter revenues to 19.5 trillion Korean won.

Operating profit for the second quarter would be 791.7 billion won, down 12 percent from the previous year.

The company, which terminated production and sales of solar panel at the end of June, has treated the business as a discontinued operating loss in the latest quarter.

Applying the same standards to the same period last year, LG said it would have recorded a revenue of 16.9 trillion won with an operating profit of 900.1 billion won.

The company will announce details regarding each division officially later this month.

In South Korea, LG Electronics shares were trading at 96,200 won, up 3.33 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
RELATED NEWS
Follow RTT