LG Electronics’ operating profit in the first quarter is estimated to have nearly tripled on quarter to top 1 trillion won ($945 million) amid ongoing robust demand in highly lucrative OLED TVs and upmarket white goods.

LG Electronics which usually issues quarterly earnings guidance during the first two weeks is estimated to have finished the first quarter in its best-ever performance with operating profit at 1.024 trillion won, up sharply from 366.8 billion won the fourth quarter and also from the previous record-high of 516.1 trillion won in the third quarter, according to Mirae Asset Daewoo Securities Monday.

Sales for the quarter ended in March are estimated at 16.05 trillion won, down from 16.97 trillion won in the fourth quarter to suggest higher profitability from premium products. The brokerage house upped LG Electronics’ stock target to 147,000 won, predicting the company to maintain leadership in the high-end global market for TVs and home appliances.

Shares of LG Electronics closed Monday up 0.91 percent at 110,500 won.

Meanwhile, LG Electronics Inc. on Monday announced it has launched a free laundry service in Nigeria where lack of clean water has led to serious hygiene problem to share its profit to add social value to the global society.

The electronics giant opened a free laundry shop named Life’s Good with LG Wash House in Ogba, a suburban community of Lagos. The shop is furnished with LG’s latest washers, dryers, and irons and has laundry detergent and fabric softener. “We expect that the free laundry shop would contribute to improving hygiene of the residents,” said an official from the company, adding that it will expand social responsibility activities by additionally opening LG Wash House in poor neighborhoods.

According to the Multiple Indicator Cluster Survey (MICS) conducted by the Nigerian government, about 69 million people, 40 percent of the total Nigerian population, do not have access to clean water. Electricity is only available for six hours a day, making it difficult for residents to use home appliances such as washers.

By Lee Jae-chul and Choi Mira

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