Business

LG Electronics posts big jump in Q1 profit

LG logo Image copyright AFP
Image caption Strong demand for smart phones and televisions giving a boost to LG's profits

South Korea's LG Electronics reported a jump in first quarter profit of more than 300%, helped by a rise in sales in its division that makes televisions.

Net profit jumped to 93bn Korean won ($87m; £52m) in Q1, compared to 22bn won in the year ago period.

The home entertainment unit, which makes TVs, had sales of 4.95tn won, up 2.6% on the same quarter last year.

The mobile phones division also performed well, shipping 12.3 million smart-phones in the first quarter.

That's a 19% jump in shipments when compared to the same period last year.

LG is expected to release its G3 smart-phone by the middle of the year.

Wide portfolio

The South Korean consumer electronics giant manufactures and sells a wide range of goods, from washing machines and refrigerators to smart-phones and television screens.

The company plans to expand its range of high-definition TV models with more sizes and price levels to offset tight competition in that industry.

As for the home appliances unit, there are plans to launch new models of washing machines and refrigerators.

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