Ultra high definition TVs boost LG Display profit
(Associated Press Via Acquire Media NewsEdge) SEOUL, South Korea (AP) — LG Display Co. says its earnings for the April-June quarter more than doubled thanks to improved demand for ultra-high-definition TVs.
The South Korean display panel maker said Wednesday its net income reached 256 billion won ($250 million), compared with 105 billion won a year earlier.
Analysts polled by FactSet, a financial data provider, expected profit of 114 billion won.
The panel supplier for Apple Inc. said higher demand for UHD TVs during the World Cup increased panel shipments.
LG Display's parent company, LG Electronics Inc., is among the TV makers betting that a quadrupling of the resolution of high-definition TVs will convince consumers to upgrade.
It was also helped by the rise of South Korean won, which reduced the size of its foreign currency denominated debt.
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