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Oversupply hits profit
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BOE, China鈥檚 biggest LCD panel maker, suffered a nearly 31 percent drop in net profit in the first half of the year amid an oversupply of LCD panels in the market, the Shenzhen-listed firm said in a statement yesterday.
But BOE is banking on new growth engines like the Internet of Things and new-technology display for smartphones, the firm said.
In the first six months, BOE鈥檚 net profit fell 30.9 percent from a year ago to 2.97 billion yuan (US$428 million). Its revenue shed 2.54 percent from a year ago to 43.5 billion yuan.
BOE, which has over 10 production lines in China, produced 25 percent of the world鈥檚 LCD panels in 2017. The LCD panels are used in TVs, smartphones and IoT devices, said researcher IHS.
Despite growing sales, BOE has been facing oversupply since 2017, which erodes revenue and profit.
BOE said that the IoT business increased 4.1 percent year on year to 7.35 billion yuan in the period.
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