LG Display posts net profit of 621 billion won in Q4 on increased panel sales

LG Display Co. reported a net profit of 621 billion won in the fourth quarter, swinging from a loss of 1.81 trillion won last year due to an increased demand of its panels for IT products and sales of OLED displays amid the stay-at-home trend.

The company's fourth-quarter operating income jumped to 685.5 billion won, from a loss of 421.9 billion won a year ago, surpassing the market consensus of 377.3 billion won.

Sales soared 16.2 percent on-year to 7.46 trillion won, which was also higher than the expected 7.25 trillion won.

However, LG Display reported a net loss of 70.6 billion won for the entire 2020, sharply narrowing from the previous year's net loss of 691.6 billion won.

Operating losses also narrowed to 29.1 billion won from 714.5 billion won, while sales rose 3.2 percent on-year to 24.23 trillion won in 2020.