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Sun, January 29, 2023 | 18:27
Tech
LG Display reports largest profit in 6 years
Posted : 2015-01-28 15:14
Updated : 2015-01-28 18:03
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Company payouts dividend first time in 4 years

By Kim Yoo-chul

LG Display posted 1.35 trillion won in operating profit last year, up 16.7 percent from a year earlier, the largest increase in six years boosted by stronger demand for handset displays.

In a filing to the Korea Exchange (KRX) Wednesday, the LG affiliate said sales came in at 26.4 trillion won, down 2.1 percent.

Despite the drop in sales, its net profit jumped 119 percent to 917.4 billion won on stronger margins.

LG said it will pay 500 won in dividend per share, with a total dividend payout amounting to 180 billion won. The ratio of dividend to profits marked 1.5 percent. This is the first dividend payout in four years.

"As we saw substantial improvement in profit, we've decided to boost shareholder value," said Lee Jung-hwan, head of the company's public relations team.

Analysts were positive about the result and its outlook for the first quarter of this year.

"The overall business mood for LG Display looks positive. Apple's first-quarter performance beat market consensus on the back of strong iPhone demand in China and North America. As LG Display is the major display supplier for Apple devices, the first quarter will be much better," said Kwon Seong-ryeol, an analyst at Dongbu Securities.

LG supplies displays to Apple, Hewlett-Packard, Dell, Sony and other top-tier Chinese TV makers.

The analyst said LG Display will benefit most among its chief Japanese and Taiwanese rivals as the Korean company is better in terms of output commitment, on-time delivery and better pricing.

"Apple did very impressive achievement with the highest average selling price (ASP) per handset in the industry," said Daniel Gleeson, senior analyst at IHS's mobile devices division, in a note to clients.

LG Display, which is 37.9 percent owned by LG Electronics, said its moves to boost the sale of ultra high-definition (UHD) displays for TVs to leading Chinese TV manufacturers also paid off.

Foreign investors increased buying of the stock on positive earnings outlook.

As of Jan. 27, foreign investors bought 140 billion worth of LG Display shares, followed by Samsung C&T with 123 billion won and Hana Financial with 103 billion won, according to Korea Exchange data.

LG Display share prices gained 8.5 percent so far this year.


Emailyckim@koreatimes.co.kr Article ListMore articles by this reporter
 
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