(MENAFN) South Korea's tech giant LG Electronics said that its operating profits dropped 60 percent in the second quarter on weak global demand for TVs and negative impacts from local currency moves.
Operating profit plunged 60 percent from a year earlier to USD211 million in the three months to June, the company said in a statement. It missed market expectations of about USD257.28 million.
Meanwhile, revenue showed a decline of 7.6 percent from a year earlier to USD11.94 billion in the second quarter, while net income dropped 45 percent to USD194.16 billion, LG said in a statement.
The revenue was little changed from the prior quarter's USD12 billion, but it declined compared with a year ago due to fiercer competition in the mobile phone market and weak global demand for TVs.
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