LG Display sees Q2 profit plummet 55.4% YoY

LG Display, the display panel making company of LG Group, reported a 55.4 percent drop in operating profits for the second quarter of the year, reports ZDNet Korea’s Jeong Hyeon-jeong.

The company said it posted 163.1 billion won ($159 million) in operating profit and 5.9 trillion won ($5.7 billion) in revenue for the second quarter of 2014, a fall of 55.4 percent and 9 percent from a year ago, respectively. However, compared to the previous quarter, it's an increase of 73 percent and 7 percent.

Liquid-crystal display (LCD) panels for TVs generated 42 percent of revenues, followed by monitors (21 percent), mobile panels (16 percent), notebook displays (12 percent), and tablet panels (9 percent).

This is the ninth straight quarter of profits for the display panel maker.

Analysts said LG Display performed solidly despite the strong Korean currency that's hurting most local companies that rely on export for profits.

LG attributed the increase from the previous quarter to increased shipments of large-sized displays and “ultra” high definition (UHD) TVs, together with a rise in the average sales price of some of its products.

Source: ZDNet Korea (zdnet.co.kr)