LG Group's holding company, LG Corp., said on the 13th that on a consolidation basis it posted sales of 213.96 billion won and operating profit of 53.30 billion won in the second quarter of this year.
Sales rose 19.0% from 179.77 billion won a year earlier. Operating profit increased 92.5% from 27.69 billion won in the second quarter of last year.
Compared with the first quarter, sales and operating profit increased 18.8% and 28.8%, respectively.
The improvement was driven by higher equity-method gains following a recovery in results at major electronics affiliates.
Second-quarter equity-method gains were 34.81 billion won, up 274.7% from 9.29 billion won a year earlier. The improvement reflects better results at LG Electronics and LG Innotek.
Trademark and rental revenue rose 3.8% to 12.32 billion won from a year earlier. Sales at consolidated subsidiaries such as LG CNS totaled 166.83 billion won, up 5.2% in the same period.
At major consolidated subsidiary LG CNS, second-quarter sales were 152.08 billion won, up 4.2% year over year. Operating profit was 12.79 billion won, down 9.2%.
Income from continuing operations before income taxes was 56.87 billion won, up 110.5% from a year earlier. Net profit for the period was 53.38 billion won, up 118.6%.
Net income attributable to owners of the parent was 46.57 billion won, up 127.6% year over year and 37.0% from the previous quarter.
Cumulative first-half sales were 394.02 billion won, up 5.5% from the first half of last year. Over the same period, operating profit was 94.68 billion won, up 3.4%, and net income attributable to owners of the parent was 80.55 billion won, up 2.6%.
LG Corp. is a pure holding company whose main sources of income are dividends received from subsidiaries including LG Electronics, LG Chem and LG Uplus, revenue from the use of the LG brand trademark, and rental revenue.