LG Electronics says 2Q profit more than doubled

LG Electronics Inc says its quarterly profit more than doubled as its mobile division ended three quarters of losses.

The South Korean consumer electronics company said today its net income for the April-June quarter was $400 million, compared with $151 million won a year earlier.

The figure was more than a fourfold increase from the first quarter and also beat expectations. Analysts polled by financial data provider FactSet forecast $292 million income.

Operating profit rose 27% to $589 million while sales inched up 1% to $14.6 billion.

LG said its mobile division became profitable for the first time in a year thanks to strong sales of its flagship G3 smartphones and cheaper L-series smartphones in North America.