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Wednesday, July 23, 2014
UHDTVs Boost LG Display Profit

LG Display said profit for the April-June quarter more than doubled as a stronger won reduced the value of its foreign debt and the World Cup boosted demand for ultra-high-definition TVs.

The panel maker said Wednesday its net income reached 256 billion won ($250 million), compared with 105 billion won a year earlier. Operating fell, however, showing that most of the net profit improvement came from the debt revaluation.

The panel supplier said higher demand for UHD TVs during the World Cup increased panel shipments.

LG said a slight decline in panel prices during the second quarter was offset by selling more panels.

The company was also helped by the rise of South Korean won, which reduced the size of its foreign currency denominated debt.

Overall sales, however, fell 9 percent to 5.6 trillion won. Operating profit plunged 55 percent to 163 billion won.

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