LG Electronics has announced first-quarter net profit of KRW38.4 billion (US$34.91 million) and operating profit of KRW305.2 billion. Consolidated revenues reached KRW13.99 trillion and were on par with the previous year as smartphone sales were offset by modest revenue declines in TVs.

LG's mobile division recorded its highest first-quarter revenues since introducing its first Android device in 2010. The Home Appliance & Air Solutions Company also saw profitability rise compared to the same period in 2014.

The LG Home Entertainment Company reported first-quarter revenues of KRW4.44 trillion, a 5% decline from a year ago. Operating margin was lower than the same period in 2014 as unfavorable currency exchanges and seasonality resulted in declining revenues from LCD TVs in North America, Europe, CIS and Latin America compared to the previous quarter. A stronger focus on Ultra HD (4K) and OLED TV marketing and increasing demand in Asia and North America for all TV products are expected to improve the outlook for the LG Home Entertainment Company in the second quarter, said LG.

The LG Mobile Communications Company recorded a strong first-quarter 2015, shipping 15.4 million smartphones, an increase of 26% compared with the same period in 2014. Sales of KRW3.6 trillion were up 5% on year. Sales in North America increased by 66% from the same period of 2014, while sales in Korea grew 57% from the previous quarter with the introduction of the G Flex2 premium smartphone featuring a Plastic-OLED display. 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 Appliance & Air Solution Company posted a 9% increase in operating profit to KRW229.3 billion compared to the same period the year before and a profit margin of 5.6% in the first quarter largely as a result of improved product mix and cost structure. Revenues declined 2% on year to KRW4.06 trillion due to greater competition in North America and unfavorable foreign currency exchange movement in developing markets. Going forward, LG expects sales for air conditioners and refrigerators to increase during the peak season with the introduction of market-leading products.

The LG Vehicle Components Company, which was created in July 2013, announced its business performance for the first time in the first quarter. The company recorded revenues of KRW382.6 billion in the first quarter mainly from its car infotainment business which includes telematics and audio-video navigation systems. Despite a modest operating loss of KRW2.4 billion, LG will continue its investment in R&D, confident that the market for car infotainment, electric car components and automotive electronic components will grow with the popularity of electric and smart cars, the company said.