Earlier we reported on Nokia’s falling profits compared to last year. From most accounts it is predicted that the mobile phone market is likely to shrink in the near future. It is not all bad however. LG Mobile’s first quarter report shows good news.

The Korean based manufacturer reported that although their overall units shipped fell from last year, their profits from the same time as last year have risen by 22.6%. Their heavy hitters that are doing the best for them are the LG KP500 Cookie as well as the text-centric LG KS360. Not surprisingly, in this Global Economic Slowdown consumers are going more towards the mid-range priced phones.

LG plans to continue on on a strong note with their upcoming phones like the LG KM900 Arena and various other more higher line smart phone models.

With this happy news from LG is anyone thinking of opening up their portfolio? Maybe worth considering.

[via GSMArena]