Home News Business News LG Display managed to return to profit in the third quarter

LG Display managed to return to profit in the third quarter

LG Display

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LG Display, which is supplier of the US technology giant Apple, managed to return to profit in the third quarter, thanks primarily to the recovering prices of LCD panels. The producer also finds support in the weaker local currency.

In the third quarter, the profit of LG Display amounted to 140 billion KRW (123.2 million USD), beating the analysts expectations for profit of 79 billion KRW. In the second quarter, LG Display reported a loss of 228 billion KRW.

The company revenues dropped by 12% annually to 6.1 trillion KRW.

The prices of the 50-inch (127cm) LCD displays started to recover in August, reaching 117 USD, after falling to a record low of 109 USD in June.

The more expensive business with OLED TV panels generates profit in the third quarter, supported by sales growth. LG Display does not reveal the amount of profit.

The OLED business failed to increase profits, and seasonal price rises would slow down in the fourth quarter.

LG Display is the second-largest supplier in the large LCD market after the Chinese BOE Technology Group Co Ltd.