LG reports $140 million net profit for April-JuneJuly 24, 2013 - 15:49 AMT PanARMENIAN.Net - 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. U.S. “deeply troubled” by Azerbaijan's arrest of civil society members The United States is deeply troubled by the continued arrest of members of Azerbaijani civil society, Matthew Miller has said. Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. For the first time, Armenia votes in favor of Georgia resolution in UN Armenia on Tuesday, June 4 voted for the first time in favor a resolution adopted by the United Nations General Assembly. |