LG Display Q3 profit tumbles on weak TV sales

SEOUL, Oct 21 (BestGrowthStock) – South Korea’s LG Display
(034220.KS: ), the world’s No.2 LCD flat screen maker, on Thursday
reported its lowest operating profit in six quarters, as panel
prices tumbled on weak consumer demand for TVs and computers.

LG Display said its July-September operating profit was 182
billion won ($162.2 million), better than a consensus forecast of
150 billion won polled by Thomson Reuters I/B/E/S but its lowest
since the first quarter of 2009.

Operating profit was down 72 percent from 662 billion won
profit a year ago and 75 percent fall from 726 billion won in the
preceding quarter.

Analysts had forecast the company will swing into a loss in
the current quarter and show a slow profit recovery, as a fragile
global economy continues to weigh on consumer demand.

Panel prices, which have fallen around 30 percent on average
from April to September, are set to decline further because TV
producers have aggressively cut prices to boost demand. This is
expected to increase price pressure on most panel makers.

Shares in LG Display, which competes with sector leader
Samsung Electronics Co (005930.KS: ) and Taiwan’s Chimei Innolux
(3481.TW: ), have rebounded about 23 percent from a nine-month low
hit in late August. The benchmark KOSPI (.KS11: ) has risen about 7
percent over the same period.
(Reporting by Miyoung Kim; Editing by David Chance)

LG Display Q3 profit tumbles on weak TV sales