LG suffers Q1 profit fall but posts record smartphone sales

Manufacturer sold 10.3 million smartphones in the quarter, with operating profit in its mobile business more than doubling from a year ago 

LG Electronics has reported a 13 per cent fall in profits in to 349 billion won (£204.4 million) in Q1, despite record smartphone sales of 10.3 million units.

The South Korean manufacturer said new models, such as the Nexus 4 (pictured) and L series, helped drive this strong growth.

Its mobile business posted an operating profit of 133 billion won (£77.9 million), up from 31 billion won (£18.2 million) a year ago and 56 billion won (£32.8 million) in the previous quarter.

The figures mean LG now takes over from HTC as the world’s third biggest mobile manufacturer by sales.