(MENAFN) LG Electronics Inc., South Korea's No. 2 tech behemoth saw its first-quarter net profit surge almost five-fold from a year earlier, due to better sales of premium home appliances and TV products.
In accordance, net profit reached USD174 million throughout the Jan-March period, compared to the USD33.3 million registered a year earlier, the Seoul-based giant stated in its regulatory filing.
Additionally, LG Electronics revealed the home appliance arm reported an operating profit of 407.8 billion won, a significant increase of 77.7 percent from a year earlier as the company was able to cut production costs.
The multinational electronics company sold 10.5 million units of long-term evolution (LTE) powered smartphones in the first quarter, up 78 percent from a year earlier, although it declined 3 percent on-quarter.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.