LG Display Q3 profit drops 44% on weaker demand

LG Display Q3 profit drops 44% on weaker demand


Seoul: Flat screen maker LG Display Co Ltd reported a 44% fall in its quarterly net profit on Tuesday as a global financial crisis hits consumer demand and falling panel prices force makers to cut output.

LG Display, the world’s No. 2 LCD maker, posted a 295 billion won ($244.1 million) net profit in the third quarter to 30 September, compared with 524 billion won earned in the year-earlier period and a 759 billion won profit in the April-June quarter.

The result came well above a forecast for 191.5 billion won from eight analysts surveyed by Reuters.

The outlook for liquid crystal display (LCD) makers is seen bleak as the global downturn spreads, hitting demand for screens for large flat TVs and new personal computers.

South Korea-based LG Display, which trails local rival Samsung Electronics Co Ltd but ranks ahead of Taiwan’s AU Optronics Corp, is likely to post losses in the coming quarters as output cuts in the past months did little to spur demand, analysts said.