South Korean display maker LG Display Co. said Wednesday its third-quarter net profit jumped more than two-fold from a year earlier on the back of expanded sales of premium products.
Net profit came to 477.2 billion won ($422 million) over the July-September period, rising from 189.5 billion won posted a year earlier, the company said in a regulatory filing.
Operating profit moved up 81.3 percent to reach 585.9 billion won, with sales increasing 3.7 percent to 6.9 trillion won.
The net profit was above the market's estimate of 389.8 billion won, a number compiled by Yonhap Infomax, the financial arm of Yonhap News Agency, based on 19 local brokerage houses.
It marks the 22nd consecutive quarter in which LG Display has posted an operating profit.
The company attributed its increase in sales to the expanded shipment of premium products, including organic light-emitting diode displays, coupled with rising seasonal demand.
The company, however, said its operating profit fell 27 percent from the previous quarter due to the falling price of large-sized panels.
Over the third quarter, LG Diplay said TV panels accounted for 40 percent of its sales, followed by panels for mobile devices with 27 percent. Panels for laptops and tablet PCs took up 17 percent, and those for monitors trailed at 16 percent.
LG Display said the company has been expanding shipment of premium OLED products, which boasts improved performance compared to liquid crystal displays.
As for the fourth quarter, LG Display said that although its shipments will increase on seasonal demand, overall price is anticipated to decline but at a gradual pace.
The company said it will continue its efforts to expand its OLED business to improve profitability.
Shares of LG Display closed at 29,450 won on the Seoul bourse, up 0.17 percent from the previous session's close. The third-quarter report was released before the market opened Wednesday. (Yonhap)