LG Electronics' preliminary operating profit posts double-digit fall in Q2

Alsharq Tribune-AFP 

South Korea's tech behemoth LG Electronics posted a double-digit fall in second-quarter operating profit due to the negative effect of the U.S. tariffs imposition and the delayed domestic demand recovery, the company said Monday.

Preliminary operating profit tumbled 46.6 percent from a year earlier to 639.1 billion won (467.1 million U.S. dollars) in the April-June quarter, missing marketing expectations of about 750 billion won (548.1 million dollars).

The double-digit reduction was attributed to the delayed consumer demand at home, the U.S. protectionist moves, and the stiffer competition.

Preliminary revenue decreased 4.4 percent to 20.74 trillion won (15.2 billion dollars) in the second quarter.