South Korea's LG Electronics reported a 58.5% fall in first-quarter net profit on Wednesday. The company presented a lower-than expected profit as the television division sank to its first operating loss since 2010.

The world's No. 2 TV maker behind Samsung Electronics Co Ltd held weaker currencies in emerging markets responsible for the TV divisions' operating loss. However, it hopes that the conditions might improve in the second quarter.

Analysts have cut their earnings outlook for LG due to the currency moves, which makes LG's screens more expensive in markets such as Brazil and Russia.

It has been found that the company's January-March operating profit dropped 36.2% to 305 billion won from a year earlier, below a 319 billion won mean estimate from a Thomson Reuters I/B/E/S survey of 35 analysts.

Operating loss of the TV division stood at 6.2 billion won, as compared with a 216 billion won profit a year ago.

The firm hope that it would be able to boost the TV margins by selling larger portion of premium products in the second quarter, but it gave no indication of when it expected the screen business to return to profitability.

The mobile division of the company showed up a profit of 72.9 billion won, rebounding from a 7.3 billion won loss a year earlier to post its fourth consecutive quarter of positive earnings.

It hopes that the launch of its new flagship G4 smartphone in South Korea earlier Wednesday would further improve profits, the company said.

LG's new G4 smartphone comes with a 5.5-inch display, a leather back cover, better cameras and upgraded components like a new Qualcomm Inc Snapdragon 808 chip.

The plans to sell 12 million G4 phones, up from nearly 10 million G3 phones sold since their May 2014 launch.