South Korea’s LG Electronics, one of the world’s largest TV makers, reported on fourfold increase in its quarterly profit compared to the last year. The Q1 profit came in at $90 million. The thing is that sales hike in the high-end products segment, in particular, ultra high-definition TVs, offset losses in the mobile phone unit.
The operating profit leaped 44.2%. The high-end models are in great demand in China and the United States, LG says in a statement. The handsets and smartphones sales slid sharply at that in the same period.
LG Electronics is a part of LG chaebol. The Seoul-based company produces LSD and plasma TVs, audio and video equipment, mobile phones, computers as well as house appliances. In 2006, LG opened a manufacturing plant near Moscow that is making refrigerators, washing machines, TV’s, and monitors for computers.