(LEAD) LG Display swings to profit in Q4 as demand rises for smartphones, TVs

SEOUL, LG Display Co. said Wednesday it bounced back into the black with its first operating profit in seven quarters, helped by rising shipments of panels for smartphones and televisions. LG Display, one of the world's major manufacturers of display panels, reported an operating profit of 131.7 billion won (US$98.3 million) for the final quarter of last year, compared with an operating loss of 875.7 billion won the previous year. LG Display said it posted a net profit of 50.5 billion won in the September-December period, swinging from a loss of 2.09 trillion won a year earlier, to snap its previous six-consecutive quarterly net loss. Fourth-quarter sales jumped 55 percent, thanks to the increased demand for mobile OLED panels and television products during the fourth quarter, LG Display said in a regulatory filing. On an annual basis, however, LG Display reported a net loss of 2.57 trillion won in 2023, compared with a net loss of 2.62 trillion won in 2022. LG Display's full-year operating loss stood a t 2.51 trillion won last year. LG Display said it plans to strengthen its competitiveness and business foundation in all areas of the OLED business, including those involving large displays, mobile and automotive, to secure a stable revenue structure and focus its capabilities on creating customer value. Source: Yonhap News Agency