LG Display Q3 profit up 31 pct, meets expectations

Reuters

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

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

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

Shipments of LCDs for TVs fell in the third quarter from thetraditionally weak second quarter for the first time, accordingto researcher IHS iSuppli. Analysts say this raises concernbecause TV LCDs draw the most revenue and because growth in thesmartphone market is slowing.

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

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