LG sees windfall profits of 84%

LG Electronics earned 706.9bn won in the three months ended June 30, the company said in a regulatory filing. LG posted a net profit of 384.6bn won a year earlier.

Sales during the quarter rose 22.5% to 7.23 trillion won from 5.9 trillion won a year earlier, LG said.

LG said in a press release that it sold a record 27.7 million mobile phone handsets during the second quarter, led by its high-end Secret, Viewty and Venus models.

The company also reported strong sales of flat screen televisions. Liquid crystal display TV sales surged 86% from the year before; sales of plasma models rose 31%.

LG also said that net profit was boosted by its investment in flat panel maker LG Display, which earlier this month reported a threefold increase in its second-quarter net profit compared with last year.

LG Electronics also manufactures personal computers, refrigerators, washing machines and other household appliances.

Shares in the company rose 4% to close at 113 500 won. The company released earnings about one hour before the stock market closed.

- AP