Seoul: Quarterly profit at South Korea’s LG Display more than doubled and broadly met market expectations on Thursday, helped by solid sales of flat-screen TVs.
The world’s No.2 maker of liquid crystal display (LCD) screens reported a won726 billion ($603.2 million) operating profit in April-June versus a forecast of won744 billion from 22 analysts polled by Thomson Reuters I/B/E/S.
The result marked a sharp improvement from a revised profit of won352 billion a year ago, but fell 8% from the previous quarter as sales of flat-screen TVs grew less than expected during the World Cup soccer event.
The second half is seasonally strong, but LCD makers face shrinking order books, as TV sales, which account for more than half of the industry’s total demand, lose momentum on concerns a debt crisis in Europe will crimp overall IT spending.
Shares of LG Display, which competes with home rival Samsung Electronics Co and Taiwan’s Chimei Innolux, fell 17% over the past three months, lagging a flat KOSPI.