Seoul: Flat-screen maker LG Display posted on Tuesday its sixth straight quarterly loss, hit by delays in panel shipments for Apple Inc’s latest iPad and weaker-than-expected Chinese demand for TV panels.
The South Korean company, which vies with local rival Samsung Display, a unit of Samsung Electronics Co, for top position in liquid crystal display (LCD) flat screens globally, reported a January-March operating loss of 178 billion won ($156 million), versus an average forecast for a 125 billion won loss in a poll of analysts by Thomson Reuters I/B/E/S.
Analysts expect a return to a profit from the second quarter as it ships more high-end products, including panels for the new iPad and 3D screens for televisions.
LCD panel makers from Samsung to Japan’s Sharp Corp are struggling with oversupply on slack sales of TVs and computers in mature markets. Panels for TVs, computer monitors and laptops account for 80% of LG Display’s revenues, with the rest coming from mobile phones and tablets.
LG Display forecast on Tuesday panel prices would rise slightly in the second quarter from the previous quarter on growing sales of high-end displays, while shipments are seen climbing by around 10%.
Shares of LG Display closed down 0.9% on Tuesday versus a 0.5% drop in the wider market. The stock has fallen 16% in the past two months - hitting a 14-week low on Friday - and is down 36% on a year ago.
