Profit of LG Electronics posts double-digit fall

8 July, 2020 12:00 AM printer

Profit of LG Electronics posts double-digit fall

SEOUL: South Korea's tech giant LG Electronics saw a double-digit fall in operating profit in the second quarter on an economic fallout from the COVID-19 outbreak, regulatory filing showed Tuesday.

The preliminary figure for consolidated operating profit amounted to 493.1 billion won (412.5 million U.S. dollars) in the April-June quarter, down 24.4 percent from a year earlier, reports AFP.

Revenue slumped 17.9 percent over the year to 12.83 trillion won (10.7 billion U.S. dollars) in the second quarter.

The double-digit reduction came as the coronavirus pandemic caused the closedown of factories and offline stores, worsening the earnings of LG that depends heavily on consumer electronics for profit.

The second-quarter profit beat market expectations of about 430 billion won (360 million U.S. dollars) owing to the reopening of offline stores in Europe and the United States in June.


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