LG Display Posted Net Profit for Second Straight Quarter
By Kwanwoo Jun
LG Display Co. posted a net profit for a second consecutive quarter in the fourth quarter of 2020, thanks to solid demand for televisions and information-technology products.
Net profit for the quarter ended Dec. 31 was 620.97 billion Korean won ($563.5 million), compared with a net loss of KRW1.817 trillion in the same quarter a year earlier, the South Korean flat-screen maker said Wednesday. That beat a FactSet consensus forecast for net profit of KRW143.37 billion.
Revenue during the quarter rose 16% on year to KRW7.461 trillion, as the company notched operating profit of KRW685.47 billion to snap a six-quarter losing streak.
For the full-year 2020, revenue rose 3% to KRW24.230 trillion, while net loss narrowed sharply to KRW70.64 billion from the prior year’s net loss of KRW2.872 trillion.
Extended periods of working from home or remote schooling amid the pandemic have fueled flat-screen demand for notebooks, monitors and TVs, according to market analysts.
Write to Kwanwoo Jun at [email protected]
(END) Dow Jones Newswires
January 26, 2021 18:49 ET (23:49 GMT)
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Dow Jones – LG Display Posted Net Profit for Second Straight Quarter