LG Display said Wednesday it swung to profit in the first quarter of this year, backed by brisk sales of high-end TV panels and smartphone screens. Net profit reached 475.8 billion won (US$440.8 million) in the January-March period, a turnaround from a net loss of 82 billion won a year earlier, the company said.

LG Display cited stable TV panel demand as well as cost reduction as key factors for its first quarter results.

Apple's new iPhones were widely expected to sell well, boosting earnings at the panel maker which is also reportedly the exclusive supplier of screens for the Apple Watch, on sale from this week.

The company also expects April-June panel shipments to rise by a low-to-mid single digit percentage rate in sequential terms but said selling price trends will vary based on the market and product segment. LG Electronics will launch its new flagship G4 smartphone in the current quarter, which could help boost panel sales.