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LG Display swings to Q4 profit, result below forecast

LG Display swings to Q4 profit, result below forecast
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First Published: Wed, Jan 20 2010. 11 30 AM IST
Updated: Wed, Jan 20 2010. 11 30 AM IST
Seoul: South Korea’s LG Display Co Ltd swung to a quarterly operating profit thanks to healthy demand for flat screens, but results weakened from a peak in the previous quarter due to a seasonal slump.
The world’s No. 2 maker of liquid crystal display (LCD) screens reported on Wednesday a 357 billion won ($315.2 million) operating profit in the October-December quarter.
It marked a turnaround from a year-earlier operating loss of 288 billion won, but fell sharply from a record 904 billion won in July-September as weak seasonality dented panel prices and the stronger Korean won weighed.
Despite the slowdown, the LCD industry is headed for a strong first half this year thanks to strong Chinese demand for flat-screen televisions and the improving global economy.
Shares of LG Display, which competes with home rival Samsung Electronics Co Ltd and Taiwan’s AU Optronics Corp, rose 16% in the fourth quarter, against the wider market’s 0.6% gain, unperpinned by the bright sector outlook.
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First Published: Wed, Jan 20 2010. 11 30 AM IST