LG Electronics has recorded a double digit growth in operating profits for the second quarter of this year. The company shared this news in a new financial report, which arrives after the company shut down its smartphone operations.
According to a Xinhuanet report, the initial figures for the operating figures had reached 1.11 trillion Won (roughly 975 million US Dollars) during the period between April and June. This marks a sizeable rise of 65.6 percent over the same quarter from last year. Notably, this was also the highest second quarter profit figures that the South Korean tech giant recorded in the last 12 years, topping 1 trillion Won (878.7 million US Dollars) for the second consecutive quarter.
Furthermore, the company’s revenue reached 48.4 percent over the year, reaching 17.1 trillion Won (roughly 15 billion US Dollars) in the second quarter of this year. This marked the highest ever second quarter reading in the company’s history. Although, the brand has yet to reveal the net income and detailed earnings of each business unit, but the report should arrive later this month.
The consumer electronics maker added that the double digits increase in its earnings was thanks to strong demand for its TVs and air conditioner in the summer season. For those unaware, LG shut down its smartphone business earlier this year as it was a loss making unit for the company.
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