By AP News Jul 24, 2014 4:59PM UTC
SEOUL, South Korea (AP) — LG Electronics Inc. says its quarterly profit more than doubled as its mobile division ended three quarters of losses.
The South Korean consumer electronics company said Thursday its net income for the April-June quarter was 411.8 billion won ($400 million), compared with 155.5 billion won a year earlier.
The figure was more than a fourfold increase from the first quarter and also beat expectations. Analysts polled by financial data provider FactSet forecast 300.9 billion won income.
Operating profit rose 27 percent to 606.2 billion won while sales inched up 1 percent to 15.4 trillion won.
LG said its mobile division became profitable for the first time in a year thanks to strong sales of its flagship G3 smartphones and cheaper L-series smartphones in North America.