LG Display second-quarter profit beats expectations, shares rebound

Reuters News
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Posted: Jul 23, 2015 1:17 AM

SEOUL (Reuters) - South Korea's LG Display Co Ltd <034220.KS> said on Thursday that operating profit for the April-June quarter nearly tripled from a year earlier, beating expectations on panel sales for large-sized televisions and mobile products.

LG Display, which supplies panels to Apple Inc <AAPL.O> and sister firm LG Electronics Inc <066570.KS>, said profit for the second quarter was 488 billion won ($419.73 million), compared with 163 billion won a year earlier and an average forecast of 469 billion won in a Thomson Reuters I/B/E/S survey of 31 analysts.

LG Display shares rebounded sharply on the earnings result, erasing earlier losses. The stock was up 1.3 percent as of 0359 GMT (11.59 p.m. EDT on Wednesday), outperforming the flat benchmark Kospi index. <.KS11>.

(Reporting by Se Young Lee; Editing by Christopher Cushing)