LG Display Net Profit Soars 152% In One Year
LG Display (LGD) has reportedly notched a 152% jump in net profit for the third-quarter of 2017, compared to the same period last year.
Taiwanese-based trade publication, DigiTimes, disclosed the figures, noting that net profit did slip 35% from the second quarter of 2017.
Total revenues in Q3FY17 lifted 4% to US$6.19 billion, compared to the same time last year. The result is a lift of 5%, from the second quarter of 2017.
LGD third-quarter revenues increased on the back of an expanding marketplace for OLED TVs, and increased production of mobile devices.
The company states TV panels represented 40% of its third quarter revenues, whilst mobile phones consisted of 27%, tablets and notebooks 17%, and desktop monitors 16%.
LGD states it has strengthened the foundation of its OLED business, by differentiating its value compared to LCD TVs. The company affirms that it has increased shipments of OLED TV panels by extending its production capacity.
LGD Chief Financial Officer, Don Kim, states of the results and the company’s future outlook:
“We expect area base panel shipments in the fourth quarter of 2017 to increase by a mid-single digit percent, quarter-on-quarter, thanks to high seasonality at the end of 2017 and thanks also to the demand in the Chinese New Year in early 2018”
“We also expect overall price erosion to slow down, though this will depend upon the supply-demand situations affecting each product category and each panel size”
“LG Display plans to focus on investing in OLED products as part of its long-term preparation for the future”
“We will continue to maximize profitability in our differentiated LCD products, and will improve the profitability of the OLED business through expansion, under the conservative assumption that the challenging market situation will continue”.