LG Electronics beat market expectations and posted nearly 500 billion won in operating profit in the second quarter. 

According to LG earnings guidance released on Tuesday, its operating profit was estimated to be 493-point-one billion won in the April-June period. 

It marks a drop by 24-point-four percent from the same quarter last year, but hovers above the market consensus of 431-point-nine billion won based on the prediction that many firms will struggle with aggravated fallout from the COVID-19 outbreak. 

The South Korean company’s sales declined 17-point-nine percent on-year to 12-point-eight trillion won. 

Its stronger-than-expected performance was attributed to strong sales of home appliances, which local brokerages estimated amounted to over five trillion won in the quarter.