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LG Elec Q1 profit jumps on screens, phones key risk

Written by: Staff

SEOUL, Apr 19 (Reuters) LG Electronics Inc. reported a 92.8 per cent jump in its quarterly net profit on Wednesday, powered by its flat-screen joint venture, although earnings were held back by thin margins on mobile phones.

LG, the world's fourth-largest mobile phone maker, posted a 160.4 billion won (9.4 million) net profit in the quarter ended March 31, up from 83.2 billion won a year ago.

The result beat a 138 billion won profit forecast by 10 analysts polled by Reuters.

Despite the improved result on the display side, the South Korean firm is grappling with depressed margins for its mobile phone handsets and a stronger won currency. Handset margins should recover slightly in the current quarter on rising sales of higher-end models to North America and Europe, analysts said.

Shares in LG fell 11.8 percent in the first quarter, compared with the wider market's 1.43 percent decline.


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