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(LEAD) LG Display swings to loss in Q2 on weak panel prices

All News 10:08 July 27, 2016

(ATTN: UPDATES throughout with details, quote; CHANGES headline)

SEOUL, July 27 (Yonhap) -- South Korean flat-screen maker LG Display Co. on Wednesday said it swung to a net loss in the second quarter from a year earlier largely due to weak panel prices and lower shipments.

LG Display suffered a net loss of 83.9 billion won (US$73.7 million) for the April-June period, compared with a profit of 362.5 billion won for the same period last year.

Its second-quarter operating profit plunged 90.9 percent on year to 44 billion won, the company said in a regulatory filing.

Sales for the April-June period also declined 12.7 percent on-year to 5.9 trillion won, the company said.

Compared with a quarter earlier, LG Display's operating profit rose 12.3 percent.

LG Display expected its profitability to improve in the second-half of this year.

"Second-quarter profitability is expected to improve," LG Display Chief Financial Officer Kim Sang-don said in the statement, citing a rise in panel shipments and stable prices.

Earlier in the day, LG Display said it will spend 1.99 trillion won to build a new production line for small and medium-sized organic light-emitting diodes (OLED) used for smartphones and smartwatches.

Shares of LG Display rose 0.85 percent to 29,500 won in early morning trade.

kdh@yna.co.kr
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