A better product mix and rising smartphone sales resulted in LG's (SEO:066570) mobile division tripling its profits quarter-on-quarter according to the firm's Q1 2012 financial report.

In all, the South Korean manufacturer's mobile business made an operating profit of KRW 39 billion (around $34.5 million) across the quarter.

It highlighted its increased smartphone revenue thanks to strong sales of its Optimus LTE and Optimus Vu in its home market.

Nonetheless, while profits were up from Q4 2011, overall revenues have declined 14 percent year-on-year to KRW 2.5 trillion (around $2.2 billion) owing to slowing feature phone sales.

The gap they leave behind will be filled as LG attempts to strengthen its smartphone line-up in Q2 2012, with the introduction of the firm's new L-Style series and quad-core smartphones.

Smart growth for smart TVs

Similar growth is expected in LG's home entertainment division.

Operating profit was KRW 217 billion (around $192 million) across the quarter – up from the KRW 82 billion ($73.1 million) amassed during the same period in 2011.

Sales in the business declined by 6.8 percent to KRW 5.3 trillion ($4.7 billion) due, in LG's view, to the "sluggish European economy", though the firm still decribed its overall performance as "strong".

Further growth is expected across the summer thanks to sporting events, though current growth is currently being fuelled by high demand for smart TVs in the Korean market.

Of its overall business, LG claims to have "turned a corner", posting a a net profit of KRW 243 billion ($214.9 million), with quarterly revenues hitting KRW 12.2 trillion ($10.8 billion).

[source: LG]