July 24, 2013 / 4:50 AM / 6 years ago

LG Elec Q2 profit dips on weak TV recovery; sets smartphone sales record

SEOUL, July 24 (Reuters) - LG Electronics Inc, the world’s No.2 TV maker, reported a 9 percent fall in quarterly profit on Wednesday, beating forecasts as weak TV sales and tight margins offset a solid recovery in its smartphone business.

April-June operating profit fell to 479 billion won ($428.8 million), above a consensus forecast of 457 billion won by Thomson Reuters I/B/E/S.

The profit compares with 526.7 billion won a year ago and 349.5 billion won in the previous quarter.

LG, whose once loss-making smartphone business rebounded to become the world’s third biggest late last year, is now hoping its flagship G2 model, due out early next month, will help narrow a gap with market leaders Samsung Electronics Co Ltd and Apple Inc.

The South Korean firm, which sold a record 12.1 million smartphones in the second quarter, has said the new G2 model will include a full high-definition screen and connection speed up to twice faster than conventional 4G networks. ($1 = 1117.0500 Korean won) (Reporting by Miyoung Kim; Editing by Stephen Coates)

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