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January 25, 2017

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LG Display profitable on panel prices

Source: Agencies | January 25, 2017, Wednesday | Print Edition

SOUTH Korea’s LG Display Co yesterday reported a record fourth-quarter operating profit of 904.3 billion won (US$778.33 million) due to a pickup in panel prices.

The world’s biggest liquid crystal display maker said the profit was caused by the upward trend of panel prices and a favorable foreign exchange rate.

“The upward trend of panel prices is anticipated to continue thanks to the low inventory level in the industry and the trend towards large-size panels,” Chief Financial Officer Don Kim said in a statement yesterday.

The price of television LCDs larger than 32 inches has been rising for 10 months, according to data provider WitsView last week.

Analysts said the increase was mainly due to supply-side factors such as rival Samsung Display Co’s shutdown of an LCD fabrication plant last year, causing a tight supply-demand environment.

The company said its operating profit of 904.3 billion won for the October-December quarter increased 1,392 percent from the same period a year earlier, beating a Thomson Reuters StarMine SmartEstimate of 845 billion won drawn from a survey of 27 analysts.

Revenue for the quarter rose 18 percent from a year earlier to 7.9 trillion won, the company said.

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