LG Display Q1 profit beats fcast on strong TV sales

LG Display Q1 profit beats fcast on strong TV sales

Seoul: South Korea’s LG Display swung to a better-than-expected quarterly operating profit on 22 April, spurred by buoyant flat-screen TV sales and strong demand from China.

The world’s No. 2 maker of liquid crystal display (LCD) screens reported a 789 billion won ($712.3 million) operating profit in January-March, versus a forecast of 618 billion won from Thomson Reuters I/B/E/S.

It marked an impressive turnaround from a year-earlier loss of a revised 317 billion won and more than doubled from a 313 billion won profit in the fourth quarter last year.

The outlook is bright for the liquid crystal display sector, partly driven by China’s TV-buying spree and strong sales of computers and flat screen TV, helping the industry recovery last year from a year-long downturn.

Shares of LG Display, which competes with home rival Samsung Electronics Co and Taiwan’s AU Optronics Corp, have jumped by a quarter since late February versus a 9% gain in the broader market.