Seoul: LG Innotek on Monday reported a second-quarter net income of 169.7 billion won (US$115.7 million), marking a significant shift from a loss of 8.7 billion won recorded in the same period a year earlier.

According to Yonhap News Agency, the electronic component manufacturer announced in a regulatory filing that its operating profit for the quarter increased to 245.8 billion won, compared to just 11.4 billion won last year. Sales for the company also saw a substantial rise, growing 40.5 percent to reach 5.52 trillion won.

The financial results were in line with market expectations, as analysts had predicted an average net profit estimate of 169 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.