LG Electronics Q2 profit up 84%

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Seoul, July 21: : LG Electronics Inc reported on Monday an 84 per cent jump in quarterly earnings, helped by high margins on mobile phones, brisk TV sales and solid results at its LCD joint venture.

LG, the world's fourth-largest mobile phone maker after Nokia , Samsung Electronics and Motorola, posted April-June net profit of 707 billion won ($696.5 million) versus 385 billion won a year ago.

The figure missed a forecast for 802 billion won by 10 analysts surveyed by Reuters.

Quarterly revenue on a global basis was 12.7 trillion won, up 22 per cent from last year. Operating profit on a global basis climbed to 856 billion won from 464 billion won.

While the outlook for the rest of the year remains clouded by the deepening global economic slowdown, the South Korean company is still expected to put in a strong performance on the back of its resilient mobile phone division, boosted by a weaker won currency that has made exports more competitive.