LG has announced its quarterly results for Q1 2012 and the company is clearly pleased about them. Saying that it has "turned the corner," LG reported an operating profit of KRW 448 billion ($396.1 million US) on revenues of KRW 12.2 trillion ($10.8 billion US). This following two straight quarters of losses that meant that LG made more in profit in the first quarter of 2012 than it did in all of 2011. LG's net profit for the quarter came to KRW 243 billion ($213 US).

LG is crediting "improvements in supply chain management" in its television division for a large portion of its profits, but the mobile division is also doing better than you might have expected, tripling quarter-over-quarter thanks to increased LTE smartphone sales, especially in Korea: "Although revenue was down due to shipment decline of feature phones, with strong sales of Optimus LTE and Optimus Vu: in Korea, smartphone revenue increased."

Looking forward to next quarter, LG expects that it will get a bump in television sales from the London Olympics and hold the line on smartphone sales. Don't expect any blockbusters on the latter, however, as LG says that "total demand for handsets is not expected to grow fast."