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LG Electronics targets at 66 pc rise in Q1

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Seoul based tech firm, announced on Monday, that its first quarter operating profit is expected to rise upto 66 per cent from last year.

LG Electronics targets at 66 pc rise in Q1
LG Electronics Inc announced on Monday, that its profit will rise upto 66 per cent in the first quarter

The earnings will boost from healthy sales figures in appliances and declining prices of television panels.

In a regulatory filing, the electronics giant mentioned that it is looking forward to a profit of 505 billion won ($441 million) by January-March compared to 305 billion won last year. The figures are well above an average forecast for 408 billion won from a Thomson Reuters I/B/E/S survey of 25 analysts.

But LG estimated January-March revenue would be 13.4 trillion won, down 4.5 percent from a year earlier.

The firm has refused to comment further on the quarter’s performance, the figures might be disclosed with formal reports by end of April.