CORRECTED-UPDATE 1-LG Display swings to profit as panel prices rise

Reuters
·1 min read

(Corrects to fourth, not third, consecutive quarterly profit in the third paragraph)

SEOUL, July 28 (Reuters) - South Korea's LG Display Co Ltd on Wednesday swung to a profit in the second quarter versus a loss a year earlier, as pandemic-led demand for TVs and laptops drove up panel prices.

The display maker that supplies Apple Inc reported an operating profit of 701 billion won ($607 million) in the April-June quarter, compared with an operating loss of 517 billion won in the same period last year.

The profit, the company's fourth consecutive quarterly profit, beat an average analyst forecast of 599 billion won from Refinitiv SmartEstimate, which gives more weight to consistently accurate analysts.

Revenue rose 31% on-year to 7 trillion won, LG Display said in a regulatory filing.

Prices of LG Display's mainstay 55-inch liquid crystal display (LCD) panels for TV sets more than doubled in the April-June quarter from the same period a year earlier, according to market data from TrendForce's WitsView.

($1 = 1,154.2800 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Richard Pullin)

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