LG Display's Q2 Profits Dropped 60%

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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.


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