LG Display swings to profit as panel prices rise (updated)

LG DISPLAY

28/07/2021 24:59

(Adds details, background)
    SEOUL, July 28 (Reuters) - South Korea's LG Display Co Ltd
 034220.KS  on Wednesday      swung to a profit in the second
quarter versus a loss a year earlier, as pandemic-led demand for
TVs and laptops drove up panel prices. 
    The display maker that supplies Apple Inc  AAPL.O  reported
an operating profit of 701 billion won ($607 million) in the
April-June quarter, compared with an operating loss of 517
billion won in the same period last year. 
    The profit, the company's third consecutive quarterly
profit, beat an average analyst forecast of 599 billion won from
Refinitiv SmartEstimate, which gives more weight to consistently
accurate analysts. 
    Revenue rose 31% on-year to 7 trillion won, LG Display said
in a regulatory filing.
    Prices of LG Display's mainstay 55-inch liquid crystal
display (LCD) panels for TV sets more than doubled in the
April-June quarter from the same period a year earlier,
according to market data from TrendForce's WitsView. 
    
    ($1 = 1,154.2800 won)

 (Reporting by Heekyong Yang and Joyce Lee; Editing by Richard
Pullin)
 ((Heekyong.Yang@thomsonreuters.com;))