LG G3 launch confirmed for Q2 along with wider roll-out of L-Series III

LG in a statement announcing its Q4 earnings, revealed that the successor to the LG G2 flagship, will be launched in Q2. The company added that the L-Series III smartphones will in the same time-period be rolled-out to more regions.

Describing its Q4 earnings for the LG Mobile Communications subsidiary, LG said it had shipped 12.3 million smartphones in the quarter, comprising 75 percent of all mobile phones shipped by the company. It added that is shipment of 5 million LTE smartphones was the most ever in a single quarter, an increase of 79 percent year-over-year,

The company's mobile subsidiary reported revenues of $3.19 billion, increased 6 percent year-on-year. The company added that operating profit margins rose quarter-on-quarter "due to the launch of G Pro 2 in the domestic market and more efficient marketing spending".

Most notably, to reassure investors and shareholders, LG added that "Higher revenues are expected in the second quarter with the release of the flagship LG G3 smartphone and wider roll-out of the mass-tier L Series III."

LG Electronics said its first-quarter operating profit rose 44 percent from a year earlier, beating analyst estimates, as growth in sales of high-end TV models helped offset losses from its handset business.

LG reported January-March operating profit of 504 billion won ($487 million), compared with the 279 billion won mean estimate of 37 analysts polled by Thomson Reuters I/B/E/S.

The world's second-largest TV maker after Samsung Electronics Co Ltd also reported operating profit of 349 billion won a year earlier and 238 billion won in October-December.

The Korean manufacturer said its TV division ran an operating profit of 240 billion won from 11 billion won a year earlier. Its mobile phone unit ran a 9 billion won loss from 133 billion won profit.

Written with inputs from Reuters