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Biz News Korea(Eng)
LG Display’s Q3 operating profit jump 634% on quarter to $285 mn
- Collected
- 2016.10.27
- Distributed
- 2016.10.28
- Source
- Go Direct
The Korean display panel maker announced on Wednesday in a regulatory filing that its consolidated operating profit for the third quarter ended September 30 jumped to 323 billion won from 44.4 billion won in the previous quarter. Its focus on lucrative next-generation products like Ultra HD (UHD) TV and (In-plane switching) IPS panels paid off. The company also returned to net profit of 190 billion won from net loss of 84 billion won in the second quarter.
Sales in July-September reached, 6,724 billion won, up 15 percent on quarter, propelled by growing trends for large-sized panels and rise in panel prices. The panel price has been heading northbound after bottoming out in the second quarter.
Panels for TV made up 39 percent of the company’s third quarter sales, mobile devices 27 percent, laptop and table 18 percent, and desktop monitors 16 percent.
The display panel maker anticipates its fourth quarter profit to “further improve significantly” with expectation of further rise in prices for profitable 40-inch and above-sized panels, said Don Kim, chief financial officer of LG Display, adding it will continue its focus on premium TV market.
LG Display shares finished Wednesday at 29,950 won, up 150 won or 0.50 percent from the previous trading session.
By Lee Yong-gun
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