SEOUL, July 10 (Reuters) - Flat screen maker LG.Philips LCD Co. Ltd. (034220.KS: Quote, Profile, Research) swung to profit in the second quarter, ending a streak of four straight losing quarters, as panel prices bottomed out and demand began to pick up.
LG.Philips (LPL.N: Quote, Profile, Research), the world's second-biggest maker of large-sized LCDs, earned a 228 billion won ($247.8 million) net profit in the quarter ended June, against a 322 billion won net loss a year earlier and a 169 billion won shortfall in January-March.
The results were well above a 138.2 billion won profit forecast by eight analysts polled by Reuters.
Hit by tumbling prices and oversupply last year, the liquid crystal display (LCD) industry has managed to recover quickly in recent months as LCD producers moved to rein in output and focus on margins.
LG.Philips, which competes with bigger home rival Samsung Electronics Co. Ltd. (005930.KS: Quote, Profile, Research) and Taiwan's AU Optronics Corp. (2409.TW: Quote, Profile, Research), is set to reap even bigger profits in the third quarter on growing demand for flat-panel televisions and wider screens for PCs and laptops.
Shares in LG.Philips, worth about $17 billion at market value, rose 25 percent in the second quarter, leading a 20 percent gain in the KOSPI (.KS11: Quote, Profile, Research).