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LG Q1 Operating Profit Set To Surge 65.5%

LG Q1 Operating Profit Set To Surge 65.5%

LG has released its preliminary earnings results for the 2016 first quarter, revealing a steep rise in operating profit.

LG has stated that it expects to post operating profit of 505.2 billion won (around $578.3 million) for the quarter, up 65.5 per cent year-on-year.

As reported by Reuters, this would see LG posting operating profit exceeding an average forecast of 408 billion won from a Thomson Reuters I/B/E/S survey of 25 analysts.

LG expects sales of 13.36 trillion won for the quarter, down 4.5 per cent year-on-year.

LG has this quarter released its latest flagship smartphone, the LG G5, which has recently started shipping in markets around the world.

In the highly competitive premium smartphone space, LG will be looking for the G5 to provide a boost for its mobile communications division. With sales having commenced at the end of March, second quarter results will reveal the impact of the G5 over a full quarter of sales.

LG has stated that its final earnings results will be announced officially later this month.

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