LG Electronics Q1 net profit more than quadruples

South Korean electronics giant LG Electronics has lost its final appeal against a giant price-fixing fine imposed by the European Union and will pay more than 540 million euros

South Korean appliance giant LG Electronics saw net profits more than quadruple in the first quarter of the year, it said on Thursday, on the back of strong sales in Asia and Latin America.

The firm's net profit in the January-March period reached 835.7 billion won (US$739.4 million), up 322 percent from 198.1 billion won in the same period last year, the company said in a statement.

The company is South Korea's second-largest electronics firm after Samsung, producing a range of products, from mobile phones to televisions and home appliances including air conditioners, washers and refrigerators.

Operating profit during the period was 921.5 billion won, up 82.4 percent.

LG attributed the performance to strong sales of home appliances -- especially at home, across Asia and Latin America.

Domestic appliance sales jumped 33 percent on-year "driven by the strong performance in TWINWash washing machine, air conditioners, bottom freezer refrigerators" while overseas performance was boosted by "expanding sales of new premium products".

Looking ahead, the firm said it expects "a high-single digit increase in revenue" in the second quarter, led by home appliances.

Domestic demand for air conditioners, refrigerators and other items was entering "peak season", it said.