South Korea's LG Display Co. on Thursday posted a net profit in the first quarter compared to a loss during the same period last year, as a booming flat-screen TV market boosted panel demand amid tight supplies.
"Last quarter was a notable quarter for us," Chief Executive Kwon Young-soo said in a statement. "Our performance was encouraging despite the seasonally slow market condition."
LG Display, the world's second largest flat panel maker, posted a net profit of $734 million for the quarter ended March 31, reversing a net loss a year ago of $173 million. The result beat analysts' estimates of a $716 million net profit.
Sales increased 48 percent to $4.13 billion.
All figures include the performance of the company's overseas units.
Asia's LCD makers have benefited from strong demand from emerging markets amid limited supplies.
The company, formerly LG.Philips LCD Co., changed its name to LG Display in March, reflecting a reduction in shares held by Royal Philips Electronics NV of the Netherlands.
LG.Philips LCD began as a joint venture between South Korea's LG Electronics Inc. and Philips in 1999.
Source: AP News