LG Display swings to a loss as inflation puts brakes on pandemic-led demand

LG DISPLAY

27/07/2022 05:51

SEOUL, July 27 (Reuters) - South Korea's LG Display Co Ltd
 034220.KS  swung on Wednesday to a loss in the second quarter
from a profit a year earlier, as inflation and rate hikes hurt
demand for panels used in TVs and IT gadgets after several
quarters of pandemic-fuelled sales.
    The operating loss at the Apple Inc  AAPL.O  supplier was
488 billion won ($371.49 million) for the April-June quarter,
compared with a profit of 701 billion won in the same period
last year. 
    This is the first time LG Display logged a quarterly
operating loss since the second quarter of 2020. The loss was
against an average forecast of a 343 billion won loss from 12
analysts polled by Refinitiv SmartEstimate.

($1 = 1,313.6400 won)

 (Reporting by Joyce Lee, Heekyong Yang and Byungwook Kim;
Editing by Muralikumar Anantharaman)
 ((joyce.lee@tr.com;))