A man passes by the LG logo in front of the company's headquarters in Yeouido, western Seoul, July 8. Yonhap

LG Electronics on Thursday estimated its second-quarter operating profit decreased 12 percent year-over-year on weaker demand for home appliances amid rising inflation and raw material costs.

Its earnings guidance for the April-June period showed the tech company's operating profit declined 12 percent from a year ago to 791.7 billion won ($610.5 million).

The operating profit was 1.2 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Sales increased 15 percent to 19.47 trillion won. The data for net income was not available.

Analysts have suggested less upbeat earnings for LG for the remaining year, as pandemic-driven pent-up demand for TV has lost steam and rate increases in major economies to control inflation weakened consumer spending power.