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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62903)	4/18/2002 1:59:00 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

LG Electronics Profit Rises Greater-Than-Expected 79% (Update3) By Young-Jo Bae quote.bloomberg.com Seoul, April 18 (Bloomberg) -- LG Electronics Inc., South Korea's second-largest electronics maker, posted a greater-than- expected 79 percent increase in first-quarter profit on record sales of handsets, air conditioners and other home appliances. Net income rose to 220 billion won ($167 million) from 123 billion won a year ago. That beat the average 185 billion won forecast from three analysts surveyed by Bloomberg. Sales rose 7 percent to a quarterly record of 4.7 trillion won, while operating profit rose 7 percent to 367 billion won, the company said. Profit was buoyed by handset sales, which rose 56 percent. Sales of digital appliances, such as air conditioners, refrigerators and washers rose 19 percent, the company said. LG Electronics said it plans to raise second-quarter sales to as much as 5.2 trillion won. ``You can see the improvement. First-quarter figures look fine,'' said Chung Doo Sun, who manages 250 billion won at CJ Investment Trust Management Co. `` Still, the company needs to increase its operating profit to justify some analysts target price ranging from 57,000 won to 70,000 won.'' LG Electronics last traded at 45,000 won before the stock was suspended March 27 to allow the company to spin off its investments in other LG Group companies to focus on making mobile phones, televisions and air conditioners. The stock will resume trading Monday. Chung said he holds about 3 percent of LG Electronics shares in his portfolio and plans to maintain his holdings.