S.Korea's LG Display turns into profit-taking in Q3

Source: Xinhua| 2018-10-24 16:06:09|Editor: xuxin
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SEOUL, Oct. 24 (Xinhua) -- South Korea's display panel maker, LG Display, made profit in the third quarter after posting losses in the previous two quarters, thanks to a price hike in liquid crystal display (LCD) panels and foreign exchange gains, a regulatory filing showed Wednesday.

LG Display posted an operating profit of 140.1 billion won (123.7 million U.S. dollars) in the July-September quarter, ending the operating losses tallied in the first and second quarters.

It surpassed market expectations of about 59 billion won (52 million U.S. dollars) as the local currency's depreciation to the U.S. dollar positively affected overseas sales of the display maker.

The LCD panel price gained ground in the third quarter, contributing to the South Korean company's earnings, but the price was widely forecast to fall in the fourth quarter.

Revenue declined 12.5 percent over the year to 6.1 trillion won (5.4 billion U.S. dollars) in the third quarter, but it was up 8.8 percent from the previous quarter.

Net income was 17.5 billion won (15.5 million U.S. dollars) in the September quarter, after logging a net loss of 300.5 billion won (265.3 million U.S. dollars) in the prior quarter.