LG Electronics released preliminary results for the third quarter predicting operating profit to jump 44.4 per cent year-on-year to KRW745.5 billion ($658 million), driven by strong demand for TVs and appliances.

In an earnings guidance statement, the South Korean company said it expects consolidated revenue for the June to September period to increase 1.3 per cent to KRW15.4 trillion, a record for the third quarter.

It said detailed results for each division will be announced later this month.

Reuters reported operating losses from its mobile division, which increased 33 per cent year-on-year in Q2 to KRW185.4 billion, were expected to fall from a year ago, citing data from financial products company Refinitiv.

When the accessories business is not included, LG has lost money from its smartphone unit for 14 consecutive quarters, Yonhap News Agency reported.

The vendor aims to turn around its smarpthone fortunes with the launch of its new flagship V40 ThinQ last week.

Rival Samsung estimated its Q3 operating profit at about KRW17.5 trillion, a 20.4 per cent increase year-on-year and a record quarterly high. Consolidated sales were expected to increase 4.8 per cent to KRW65 trillion.