LG Electronics Q1 net profit down 61% to $408.2 mil.

LG Electronics on Thursday reported its first-quarter net profit of 546.5 billion won ($408.2 million), down 61 percent from a year earlier.

Operating profit for the January-March period was 1.49 trillion won, down 22.9 percent from a year ago, the company said in a regulatory filing. Sales fell 2.6 percent to 20.41 trillion won.

The operating profit was 20.6 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available. (Yonhap)