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LG Display Reports Q2 Net Surge

7/09/2008 12:38:00 PM Eastern

Seoul, South Korea — Second-ranked LCD panel manufacturer LG Display reported Wednesday that its second-quarter net more than tripled from a year earlier due to improved productivity and increased demand for TVs and PC monitors.

LG Display earned 759 billion won ($737 million) in the three months ending June 30, compared with 228 billion won ($221.4 million) in the same period last year, the company said in a regulatory filing. Net profit rose 6 percent from the previous quarter.

In the period, LG Display said sales rose 25.5 percent to 4.21 trillion won ($4 billion), with operating profits totaling 889 billion won ($863 million) compared with 150 billion won ($146 million) a year ago.

The company said its numbers were assisted by a weakening won and strong demand for panels used in PC monitors. Panels used for PC monitors and notebooks accounted for 26 percent of the company’s second-quarter sales, while panels used for TVs represented 43 percent, the company said.

Analysts said LG Display ranks second in LCD panel market share to Samsung Electronics, while AU of Taiwan is third in the global market.

Looking ahead, the company acknowledged demand appears to be weakening for LCD panels used in TVs, and the resulting rise in inventory levels caused the company’s average panel price to fall 5 percent in the quarter. Total shipments in the quarter rose 3 percent.

The company said it will spend 1.36 trillion won ($1.3 billion) to construct a new LCD production line in the city of Gumi, South Korea. The sixth-generation line will be used to produce LCDs primarily for computer monitors and notebooks.

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