LG released its latest financial report and announced plans to launch two new flagships in 2016.

Rumors are saying that the two flagships in question are no other than the LG G5 and the LG G Flex3.

LG added that it is also launching what it describes as "a more cost-competitive value chain" along with the release of the new pair of flagships.

LG said that it hopes the new device releases would improve the company's profitability this year.

"The smartphone marketplace is expected to be increasingly competitive in 2016 due to anticipated premium models from competitors and further price competition within the mass tier space," said LG. "The introduction of two new flagship models and a more cost-competitive value chain is expected to improve profitability in 2016."

The move to increase profitability came as a result of the losses incurred at LG's mobile division, which reached around $39 million. So far, global sales of its smartphones reached 15.3 million units during the fourth quarter, which allowed the company to reach a total of 59.7 million sold units in 2015.

In the same period of 2014, LG reportedly sold 59.1 million handsets, which means that the company has performed slightly better as shown in the latest report.

LG also noted a 27 percent increase in operating profit or $301.38 million as compared to the data from the same period in 2014. The company attributed the increase to the quarterly enhanced profit gains from its home entertainment and home appliances products.

"The LG Home Appliance & Air Solution Company once again proved to be linchpin, reporting solid operating income of KRW 214.8 billion (USD 185.49 million) for the quarter and an increase of 57 percent for the year," said LG.

LG is said to unveil the LG G5 at the upcoming MWC 2016 in Barcelona. Details about the new flagship are a bit scarce. Previously, Tech Times reported that LG, along with Samsung, are both employing the method of iris scanning in their future flagships.

Other features to expect from the LG G5 include a 20 MP main camera, 3D image capturing, in-built wireless charging and a 4K display that resembles the one found in the upcoming flagship of Samsung.

In the meantime, the LG G Flex 3 is expected to make its official debut in March 2016.

This would not be the first time that LG launches two flagships within a single year. In 2015, the company also launched the LG G4 flagship which was followed with the launch of the V10 shortly thereafter.

It remains to be seen how the next LG flagship will fare against the smartphones from rival companies. Apart from Samsung's expected launch of the Galaxy S7, which will target the high end of the smartphone market, other companies are also making some noise in the low-cost smartphone tier with their competitive yet more affordably priced models.

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