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LG Elec second-quarter profit dips on weak TV recovery; sets smartphone sales record

Visitors stand in front of LG Electronics' TV sets during World IT show 2013 at the Coex convention centre in Seoul May 22, 2013. EUTERS/Kim
Visitors stand in front of LG Electronics' TV sets during World IT show 2013 at the Coex convention centre in Seoul May 22, 2013. EUTERS/Kim

SEOUL (Reuters) - LG Electronics Inc, the world's No.2 TV maker, reported a 9 percent fall in quarterly profit on Wednesday, beating forecasts as weak TV sales and tight margins offset a solid recovery in its smartphone business.

April-June operating profit fell to 479 billion won ($428.8 million), above a consensus forecast of 457 billion won by Thomson Reuters I/B/E/S.

The profit compares with 526.7 billion won a year ago and 349.5 billion won in the previous quarter.

LG, whose once loss-making smartphone business rebounded to become the world's third biggest late last year, is now hoping its flagship G2 model, due out early next month, will help narrow a gap with market leaders Samsung Electronics Co Ltd and Apple Inc.

The South Korean firm, which sold a record 12.1 million smartphones in the second quarter, has said the new G2 model will include a full high-definition screen and connection speed up to twice faster than conventional 4G networks.

(Reporting by Miyoung Kim; Editing by Stephen Coates)

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