LG Display posts record fourth-quarter operating profitJanuary 24, 2017 - 11:51 AMT PanARMENIAN.Net - South Korea's LG Display Co Ltd (034220.KS) said on Tuesday, January 24 it reported a record fourth-quarter operating profit of 904.3 billion won ($778.33 million) due to a pickup in panel prices, Reuters reports. The world's biggest liquid crystal display (LDC) maker said the profit was caused by the upward trend of panel prices and a favorable foreign exchange rate. "The upwards trend of panel prices is anticipated to continue thanks to the low inventory level in the industry and the trends towards large-size panels," Chief Financial Officer Don Kim said in a statement. The price of television LCDs larger than 32 inches has been rising for 10 months, according to data provider WitsView last week. Analysts said the rise was mainly due to supply-side factors such as rival Samsung Display Co Ltd's shutdown of an LCD fabrication plant last year, causing a tight supply-demand environment. The company said its October-December operating profit of 904.3 billion won rose 1,392 percent from the same period previous year, beating a Thomson Reuters StarMine SmartEstimate of 845 billion won drawn from a survey of 27 analysts. Revenue for the quarter rose 18 percent from a year earlier to 7.9 trillion won, LG said. LG Display, which supplies screens for Apple Inc's (AAPL.O) iPhones and LG Electronics Inc's (066570.KS) TV sets, said earlier this month it was in talks with Samsung Electronics Co Ltd (005930.KS) about a supply agreement for TV panels. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Ameriabank's Trade Finance portfolio enriched with four prestigious awards from EBRD and IFC Ameriabank received the awards from international financial institutions in recognition of its trade finance operations. Armenian Economy Minister to make trip to UAE May 20-22 A delegation led by Minister of Economy Gevorg Papoyan will travel to the UAE capital of Abu Dhabi on May 20-22 Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. |