LG Electronics Inc.'s second-quarter net profit fell 38% compared with the same period a year earlier due to sluggish demand for consumer-electronics and home-appliance goods amid the coronavirus pandemic.
Net profit was 65.60 billion Korean won ($55.1 million), the South Korean company said Thursday. It was weaker than a FactSet consensus forecast for net profit of KRW93.38 billion.
Second-quarter revenue fell 18% to KRW12.834 trillion, while operating profit dropped 24% to KRW495.40 billion.
The company said its revenue could turn around and grow from the third quarter as global market conditions are gradually improving with the easing of pandemic-related lockdowns.
LG Electronics shares edged up 0.1% to close at KRW72,100 after its second-quarter earnings release.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
July 30, 2020 at 01:59PM
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LG Electronics profit falls 38% on sluggish demand - MarketWatch
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