South Korea's LG Electronics said Wednesday, July 24, its second-quarter net profit fell eight percent from a year earlier largely due to tough competition and increased marketing costs.

According to AFP, the world's number two TV maker posted a net profit of 156 billion won ($140 million) in the April-June period, compared with a profit of 169 billion won a year earlier.

Operating profit fell 9.0 percent year-on-year to 479 billion won, while sales jumped 10.1 percent to 15.23 trillion won.

LG said the revenue of its mobile communications division rose 34.5 percent from a year ago to 3.12 trillion won. The company said it sold 12.1 million smartphones in the second quarter, a quarterly record.

LG said it would continue to improve its performance in the third quarter through reduced costs and effective marketing.

The company predicted tough competition and weak demand in the third-quarter TV market.