LG Electronics says second-quarter profit likely rose 16.1 percent, misses estimates

July 6, 2018 6:35 am

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SEOUL (Reuters) – South Korea’s LG Electronics Inc on Friday said second-quarter operating profit likely rose 16.1 percent from the same period a year earlier, falling short of market expectations.

FILE PHOTO – LG Electronics’ company logo is seen at a shop in central Seoul, July 23, 2013. REUTERS/Lee Jae-Won/File Picture

Analysts said higher marketing expenses for new products weighed on profit.

LG, in a regulatory filing, estimated April-June profit at 771 billion won ($ 691.79 million), compared with an 821 billion won average of 10 analyst estimates in a Thomson Reuters survey.

Revenue likely rose 3.2 percent to 15 trillion won from 14.6 trillion won from a year earlier.

The firm did not elaborate on its performance and will disclose detailed earnings in late July.

Reporting by Heekyong YangEditing by Christopher Cushing

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