SEOUL, Oct 26:
LG Display Co Ltd reported its first quarterly profit in two years on Friday as sales of its screens used in Apple Inc’s iPad and iPhone offset weak demand from TV manufacturers, the South Korean panel maker’s biggest revenue source.
LG Display, which vies with Samsung Electronics Co Ltd’s panel unit for the top position in liquid crystal display (LCD) flat screens globally, reported 253 billion won ($230 million) in operating profit for its July-September third quarter.
That was a tad below an average forecast for a 265 billion won profit in a poll of 13 analysts by Thomson Reuters.
The profit, LG’s first after seven straight quarters of losses, compared with a 492 billion won loss a year earlier and a 26 billion won loss in the preceding three months.
LG Display shares have jumped about 37 percent over the past three months, propelled by expectations for better fourth-quarter earnings as the company ties its fortunes more tightly to Apple. The benchmark KOSPI index has gained 6 percent during the same period. ($1 = 1098.2000 Korean won) (agencies)
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