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South Korean panel giant LG Display Co. said Tuesday it swung to a net loss in the fourth quarter from a year earlier due to falling global panel prices.
The net loss came to 13.5 billion won ($11.2 million) in the October-December period, compared to a profit of 389.2 billion won posted a year earlier, LG Display said in a regulatory filing.
Sales dropped 10.1 percent on-year to 7.49 trillion won in the fourth quarter, and its operating profit crashed 90.3 percent over the cited period to 60.6 billion won.
For all of 2015, LG posted a net profit of 1.02 trillion won, up 11.6 percent from the previous year. Its operating profit advanced 19.8 percent to 1.62 trillion won.
Industry watchers said LG Display's weak fourth-quarter earnings are attributable to the falling global price of display panels amid the rise of Chinese companies.
The company said that it will pay out dividends worth 500 won per share for a combined amount of 178.9 billion won.
Shares of LG Display closed 0.46 percent lower at 21,800 won, when the benchmark KOSPI slid 1.15 percent. The fourth quarter earnings were released after the market closed. (Yonhap)
