LG Display Q3 profit up 31 pct, meets expectations

October 17, 2013

SEOUL, Oct 17 (Reuters) - South Korea's LG Display Co Ltd on Thursday reported its highest quarterly profit this year as an increase in sales of displays for mobile devices such as Apple Inc's iPhone offset a decline in sales of displays for television sets.

LG Display, the biggest maker of liquid-crystal display panels, posted operating profit of 389 billion won ($365 million) for its July-September quarter, 31 percent more than in the same period a year earlier.

The mean estimate of 16 analysts polled by Thomson Reuters was 384 billion won.

Shipments of LCDs for TVs fell in the third quarter from the traditionally weak second quarter for the first time, according to researcher IHS iSuppli. Analysts say this raises concern because TV LCDs draw the most revenue and because growth in the smartphone market is slowing.

Shares in LG Display closed up 0.2 percent prior to the earnings announcement compared with a rise of 0.3 percent in the benchmark Kospi index.