LG Electronics Sees Strong Rise in H1 Profits

Sharply higher sales of flat-screen televisions and computer DVD drives helped South Korea's LG Electronics achieve record profits in the first half of this year, the company announced on the weekend.

Sales in the first half of this year jumped 34 percent on the same period a year earlier to hit 6.9 trillion won ($US61.9 billion) with exports accounting for the majority of sales at 4.6 trillion won, said the company in a statement.

Operating profits at the company were 624 billion won during the period, about half those of a year earlier, when profits were boosted by sales of assets.

Excluding the asset sales, the profit reported for the first half of this year is roughly five times that of a year earlier.

The company attributed the rise to a significant increase in sales of high value-added products such as flat-tube televisions and DVD-ROM drives, which rose by 522 percent and 1,040 percent, respectively.

For the remainder of the year, LG Electronics said it expects to see the strong sales continue and to report record full-year sales of 13 trillion won.

LG Electronics, in Seoul, can be contacted at +82-2-3777-3944 or found online at http://www.lge.co.kr/.

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