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LG Electronics Q1 operating profit recovers on smartphone sales

Xinhua, April 29, 2015 Adjust font size:

LG Electronics, South Korea's No.2 smartphone manufacturer, said Wednesday that its first-quarter operating profit recovered compared with the previous quarter thanks to robust sales of its G-series smartphones.

Operating profit was 305.2 billion won (286 million U.S. dollars) during the January-March period, up 10.9 percent from the prior three-month period. From a year earlier, the profit declined 36.2 percent.

The figure was roughly in line with market expectations on the back of brisk sales in smartphones. The company's global smartphone sales reached 15.4 million units in the three-month period, higher than any first-quarter figure in the past.

Revenue stood at 13.99 trillion won in the first quarter, down 8.4 percent from three months earlier. From a year ago, it inched up 0.04 percent.

The company recorded a net income of 38.4 billion won in the first quarter from a net loss of 205.7 billion won in the previous quarter. Endi