LG Display posts profit for 1st time since 2018

LG Display Co. garnered an 11.1 billion won net profit in the third quarter, shifting from a 442.2 billion won loss last year, due to robust demand for displays used IT gadgets and large-size TV panels as people are forced to stay at home.

The full operation of its OLED plant in Guangzhou, China, and robust demand for large-size LCD panels also contributed to its profitability.

The company also logged an operating profit of 164.4 billion won in the third quarter, swinging from an operating loss of 436.7 billion won a year ago.

Sales surged 15.7 percent to 6.73 trillion won over the cited period.

It is the first time for LG Display since the fourth quarter of 2018 that it posted an operating profit.

LG Display's display panel shipment area in the third quarter went up 23.8 percent from the previous quarter to 8.3 million square meters, while the selling price of its displays reached $706 per square meter, up 7.9 percent from the previous three months.

Panels for IT products accounted for 43 percent of its revenue.

TV panels accounted for 28 percent of its revenue, while mobile display products made up 29 percent of its sales.

The company aims to supply more than 7 million units of large-size OLED display panels next year.

LG Display will convert more of its LCD TV panel production lines to IT display manufacturing lines due to the rising demand for panels for IT products, driven by the remote working and learning trend.

The company sees strong demand for IT panels until the first half of 2021.