SEOUL: Booming sales of home appliances and televisions helped South Korea's LG Electronics report a surge in first-quarter profits Thursday, despite a continued slump in smartphone sales.
Net income for January to March amounted to 198 billion won ($173.9 million), up 415 percent from a year ago, the Seoul-based company said in a statement.
The tech giant produces a range of consumer electronics from air conditioners to TVs and mobile phones.
Robust sales of top-of-the-line refrigerators and washing machines drove up profits in the home appliances unit, while a four-fold jump in sales of high-end OLED televisions did the same for the TV unit.
Aggressive cost-cutting efforts and falling display panel prices helped boost profit margins, the company said.
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