LG's profit fell 22 percent year-on-year as a stagnant TV market offset the company's resurgent mobile business. Despite shipping 10.3 million smartphones in Q1 2013 in what the company describes as its best performance since entering the market, low sales of plasma TVs meant that operating profit fell to 350 billion won ($322.88 million) from 448 billion won ($400 million) a year ago.

However, LG said it was happy with the "healthy" sales of phones such as the Optimus G and Nexus 4, and expects the new Optimus G Pro to further increase shipments in the current quarter. While the company doesn't expect any improvement to the overall TV market in the near future, it is forecasting a boost later in the year from the release of 4K sets and new 3D smart TVs.