The Korean outfit admitted that its January-March net profit fell to $36 million. Its sales were flat at about 14 million while operating profit slumped 37 percent.

Its mainstay TV business lost money as weak currencies in emerging markets sapped demand and the strong US dollar increased the cost of components.

LG's chief financial officer Jung Do-hyun estimated that weak emerging market currencies and the euro reduced the company's operating profit

LG sold a record high number of smartphones but its mobile profit was thin. Even after selling 15.4 million smartphones, up 26 percent, the division's operating profit margin was just 2 percent. Apple's margin was more than 20 percent while Samsung's was about 10 percent.

The company is struggling to gain a slice of the high-end smartphone market dominated by Apple and Samsung.

LG's weak brand power and low marketing budget have hampered its efforts to advance in the premium market and give its new smartphones wider recognition. Its smartphone sales growth was driven by solid sales of budget phones in North America.

LG began sales of the flagship G4 smartphones in South Korea on Wednesday and they will hit shelves in global markets in coming months.