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SKorea's LG Display 2Q net profit falls 60 percent

SKorea's LG Display 2Q net profit falls 60 percent

LG Display Co., the world's second-largest manufacturer of flat panels used in televisions, said Thursday that second-quarter net profit fell 60 percent from last year, despite record sales.
LG Display earned 302 billion won ($237 million) in the three months ended June 30, the company said in a statement. It posted net profit of 759 billion won in the same period in 2008 and a loss of 255 billion won in the first three months of this year.
Sales rose 16 percent to a quarterly record 4.89 trillion won from 4.21 trillion won last year.
"We achieved record high quarterly sales and swung back to profits thanks to the timely launch of new production lines and customized marketing activities," LG Display CEO Kwon Young-soo said in a statement. Kwon did not address the year-on-year decline in net profit.
Shares in LG Display, which released earnings results after the stock market closed, rose 0.9 percent at 34,800 won.
The company said Wednesday it will invest 3.27 trillion won, excluding building costs, to expand its 8th generation liquid crystal display production line amid growing demand for large LCD TVs.
Royal Philips Electronics NV of the Netherlands said Monday that European Union antitrust regulators have charged it and LG Display with fixing the price of LCD monitors.
LG Display subsequently acknowledged that it has received a statement of objections from the European Commission, though declined to comment on its contents, citing confidentiality of European Commission regulations.
The commission in 2006 launched a cartel investigation into companies that manufacture monitors for personal computers and laptops and smaller screens used in mobile phones, digital cameras, handheld computers and MP3 players.
Last year, LG Display and its LG Display America Inc. unit agreed to pay a $400 million fine in the United States for its part in fixing prices of certain LCD panels from 2001 to 2006.


Updated : 2021-10-16 11:32 GMT+08:00