South Korea's LG Electronics Monday launched a new smartphone with ultra-high-speed network technology in a bid to catch up with rivals Apple and Samsung. LG, the world's third-largest handset maker, said its Optimus LTE smartphone based on 4G wireless technology offers photos and videos with "true natural colours" that are easier on the eye than other smartphones. The 4G wireless service, based on Long-Term Evolution (LTE) technology, promises fast data traffic and quicker access to applications such as television programmes, movies and video streaming. Samsung Electronics, LG's bigger rival and the world's number two handset maker, last month introduced a new version of its popular Galaxy S II smartphone based on the technology. "Since mobile devices are widely expected to become the main platform for media consumption in the LTE era, high-resolution displays on smartphones will be even more necessary," Park Jong-Seok, chief of LG Electronics' mobile unit, said in a statement. The firm is battling to turn around its loss-making handset operations, where it lags Samsung Electronics and Apple in offering high-margin smartphones packed with special features. The company replaced its chief executive last year after its mobile unit posted a record loss in the second quarter of 2010 due to a falling share of the booming global smartphone market. Analysts cautiously expressed optimism, saying LG, after a year-long struggle, is set for continued profit growth based on increased sale of smartphones and ample patents it owns in the new high-speed technologies.