LG Electronics' profit surges 84 percent

LG Electronics Inc. earned 706.9 billion won ($694.4 million) in the three months ended June 30, the company said in a regulatory filing. LG posted a net profit of 384.6 billion won a year earlier.

Sales during the quarter rose 22.5 percent to 7.23 trillion won ($7.1 billion) from 5.9 trillion won a year earlier, LG said.

Judy Pae, an LG spokeswoman, said that the net profit and sales figures were both company records for performance in a quarter.

LG said in a press release that it sold a record 27.7 million mobile phone handsets during the second quarter, led by its high-end Secret, Viewty and Venus models.

The company ranked No. 4 in global handset sales in the first quarter. Some analysts, including Goldman Sachs, have said it probably moved past Motorola Inc. in market share during the second quarter to seize the No. 3 position behind Nokia Corp. and Samsung Electronics Co.

LG also reported strong sales of flat screen televisions. Liquid crystal display TV sales surged 86 percent from the year before; sales of plasma models rose 31 percent.

The company also said that net profit was boosted by its investment in flat panel maker LG Display Co., which earlier this month reported a threefold increase in its second-quarter net profit compared with last year.

LG Electronics also manufactures personal computers, refrigerators, washing machines and other household appliances.

Shares in the company rose 4 percent to close at 113,500 won ($112). The company released earnings about one hour before the stock market closed.