RPT-PREVIEW-LG Elec set for strong Q2 profit, risks ahead

(This is a repeat of a previous story ahead of LG's earnings announcement)

* What: Q2 results

* When: Monday, July 21

* Profit lifted by handsets, weak won, slowdown looms

By Marie-France Han

SEOUL, July 16 (Reuters) - LG Electronics Inc (066570.KS) is set to report quarterly earnings more than doubled next Monday thanks to high margins at its mobile phone unit, brisk sales of TVs and solid results at its LCD joint venture.

While the outlook for the rest of year is clouded by the deepening global economic slowdown, the South Korean company is still expected to have an outstanding year on the back of a resilient mobile phone division, boosted by a weaker won KRW= currency, which makes LG's exports more competitive.

LG's 2008 net profit on a parent basis is forecast to more than double to 2.53 trillion won from the previous year, according to 25 analysts polled by Reuters Estimates.

"LG won't be immune to the headwinds of the global slowdown, but should be able to outperform the competition," said Peter Yu, an analyst at BNP Paribas.