LG Display continues to post profit in Q1

LG Display said on Wednesday that it has recorded 6.88 trillion won in sales and 523 billion won in operating income in the first quarter.

Sales increased 46% from the a year prior. 

However, sales dropped 8% and operating income 24% from the previous quarter.

The firm beat South Korean analysts’ consensus of 6.83 trillion won in sales and 510 billion won in operating income.

LG Display said it saw high demand for its panels from TV and IT sectors in the quarter, despite it being the time period traditionally the off season.

High demand and shortage caused liquid crystal display prices to be higher than expected, which helped the quarterly performance, the company said.

IT panels accounted for 40% of its sales during the quarter, followed by TV’s 31% and mobile’s 29%.

Shipment of OLED TV panels in the quarter remained the same level as those in the fourth quarter, LG Display said.

The firm is aiming to ship 8 million OLED TV panels this year.

In panels for mobile, LG Display will focus on quality and yield rate to deliver new products in time [for customers], it added.