Seoul, South Korea – LG Display reported the impact of the
global economic meltdown caused second-quarter net profit to fall 60 percent
from the same period a year ago.
However, the
company said its results were not as bad as the first quarter, giving an
indication that business is turning around.
The LCD panel
manufacturer said net profit for the three months, ended June 30, fell to 302
billion won ($237 million), from 759 billion won a year ago, and was up from
the 255 billion won tallied in the first quarter or this year.
Operating
profit for the period was 218 billion won ($172 million), compared with 889
billion won in the year-ago period.
The company
said sales rose 16.1 percent from a year earlier to 4.891 trillion won $3.86
billion) in the second quarter.
Panel
shipments rose 33 percent in the period, while the factory utilization rate
climbed to almost 100 percent.
The company
said inventory remained below the two-week level in the period.
LG Display
reported it expects to see shipments increase over 10 percent in the third
quarter, and that average selling prices should see a gradual rise from the
second quarter as Asian display manufacturers continue to report shortages of
display panels.
