LG Electronics Inc posted better than expected net profits for the second quarter ended June 30, saying its net profits jumped 62 percent owing to record sales of cell phones and flat screen televisions.

LG Electronics Inc, South Korea's second-largest electronics maker after Samsung, said it has pocketed 1.15 trillion won equivalent to $919 million from second quarter sales. The company posted net profits worth 707 billion won last year.

LG also recorded 223.6 billion won as operating profit in the second quarter as compared to 26.6 billion won in the previous year.

LG's global sales jumped 13.8 percent to 14.5 trillion won, while operating profit stood at 1.13 trillion won.

In addition, equity venture in LG Display benefited LG of 111.8 billion won gain.

However, the Seoul-based company warned that its mobile margins could drop in the third quarter amid soaring competition.

Despite robust results, LG shares dropped 1.9 percent.

Earlier last year, LG surpassed Sony Ericsson and Motorola Inc. to stand at third position in the world of sellers of cell phones