Uncategorized

LG Display Talks Up H2 Recovery Hopes After 4th Straight Quarterly Loss

New York City, NY, USA - June 18, 2001: Billboards in Times Square display advertisements of many different companies including, Coca Cola, LG, SamSung, Palm, and Suntory Whisky.

South Korean display panel maker LG Display (NYSE:LPL) on Wednesday pinned hopes for a second-half turnaround on the tech sector replenishing depleted inventories after racking up a fourth straight quarterly loss that trailed estimates. Amid depressed global demand for devices like computers and monitors, LG Display slumped to a 1.1 trillion won ($823 million) operating loss for January-March, versus a profit of 38 billion won a year earlier. That missed a 660 billion won loss forecast from 18 analysts polled by Retinitis Smartest inmate. With demand down, makers of tech devices actively sought to use up inventories during the first quarter, Apple Inc (NASDAQ:AAPL) supplier LG Display said. “However, we now bottom out in the first half and plan to achieve a turnaround during the second half of the year, as the industry recovers its inventory level,” said Chief Financial Officer Sung-Hyon Kim. Revenue also shrank by nearly a third, to 4.4 trillion won, as LG Display continues to downsize its less-competitive liquid crystal display (LCD) TV panel business. In a move designed to reduce volatility and reliance on short-term sales, LG Display plans to increase its longer-term order-based production to account for more than 70% of revenue in two to three years, up from 40% currently. Shares in LG Display fell as much as 4% after the results announcement before paring losses. At 0540 GMT they were down 1.4% versus a 0.1% drop in the wider market.

Related posts
Uncategorized

Germany Leads Big Bond Rally As Inflation Finally Heads Down

Germany is leading the biggest rally in global bond markets since March’s banking rout as cooling…
Read more
Uncategorized

Asian Stocks Cautiously Higher As Debt Ceiling Bill Moves Forward

Most Asian stocks edged higher on Thursday, encouraged by progress towards averting a U.S. debt…
Read more
Uncategorized

Gold Edges Lower, Copper Slides On Disappointing Chinese Data

Gold prices crept lower on Wednesday as markets awaited more cues on the raising of the U.S. debt…
Read more

Leave a Reply

Your email address will not be published. Required fields are marked *