LG Display posts profit but iPhone dims outlook

Published on NewsOK Modified: January 24, 2013 at 3:05 am •  Published: January 24, 2013
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Many brokerages have lowered LG Display's sales outlook and share price target recently, citing concerns about demand for Apple's iPhone. Analysts said an increase in iPad mini sales in lieu of other iPad models that use bigger screens will also reduce LG's profit.

James Jeong, LG Display's chief financial officer, said the panel industry, which has been suffering from oversupply and weak global demand for years, is not expected to make a big improvement for another year.

Jeong said LG Display will have almost no increase in its production capacity this year, underlining how the tech sector is still reluctant to increase investment in factories at a time of global economic uncertainty.

LG's fourth quarter profit fell short of the 352 billion won median forecast by analysts polled by FactSet.

Operating profit totaled 587.3 billion won, compared with a 154.7 billion won loss a year earlier.



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