LG Display posts Q1 loss on weak panel prices

LG Display posts Q1 loss on weak panel prices
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First Published: Thu, Apr 16 2009. 05 58 AM IST
Updated: Thu, Apr 16 2009. 05 05 PM IST
Seoul: South Korean flat-screen maker LG Display Co Ltd, posted on Thursday a second straight quarter of losses due to weak panel prices and depressed demand for electronics.
The world’s second-biggest LCD maker posted a 412 billion won ($310.7 million) operating loss for January-March, worse than a 399 billion won loss forecast by Reuters Estimates.
That contrasted with a 881 billion won operating profit a year ago and a 288 billion won loss in the previous quarter.
Its first-quarter net loss came at 255 billion won, better than a forecast for a 330 billion won loss, and compared to a 717 billion won profit a year ago. The net loss narrowed from a record 684 billion won in October-December, when LG was also hit by a U.S. price-fixing fine.
The liquid crystal display (LCD) industry has suffered from a steep fall in screen prices, forcing makers to slash output sharply in the second half of last year.
But hopes are growing for a turnaround in the 2009 second half as lower prices have boosted demand for LCD TVs, helping shares in LG Display jump by more than a third in the first quarter, beating the broader market’s 14% gain.
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First Published: Thu, Apr 16 2009. 05 58 AM IST
More Topics: LG Display | Q1 | Loss | Display | South Korea |