LG phones sale up 26pc in first quarter

KARACHI: LG announced unaudited first-quarter net profit of $34.91 million and operating profit of $277.45 million, up significantly from the previous quarter, a statement said on Thursday.
The consolidated revenues of $12.72 billion were virtually unchanged from the same period a year ago as soaring smartphone sales were offset by modest revenue declines in TVs.
The LG mobile company recorded a strong first quarter 2015, shipping 15.4 million smartphones, an increase of 26 percent compared with the same period last year.
The launch of the LG G4 in the second quarter is expected to strengthen the company’s presence in the premium smartphone segment and further improve profitability.
The LG home entertainment company reported first-quarter revenues of $4.03 billion, a five percent decline from a year ago.
A stronger focus on 4K Ultra HD and OLED TV marketing and increasing demand in Asia and North America for all TV products are expected to improve the outlook for LG in the second quarter.
The LG home appliance & air solution company posted a nine percent increase in operating profit to $208.45 million compared to last year and a profit margin of 5.6 percent in the first quarter largely as a result of improved product mix.
The LG vehicle components company, which was created in July 2013, recorded revenues of $347.82 million in the first quarter mainly from its car infotainment business.