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SEOUL (Reuters) – South Korean company LG Display Co Ltd on Wednesday reported larger-than-expected fourth-quarter profit on Wednesday as increased shipments of new iPhones from Apple Inc. helped drive second consecutive quarterly profit of the society.
The Apple supplier posted operating profit of 685 billion won ($ 622 million) in the fourth quarter of 2020, compared to a loss of 422 billion won in the same period a year earlier.
That represented a profit of 164 billion won in the third quarter and exceeded expectations of a profit of 286 billion won, according to a Refinitiv SmartEstimate derived from 12 analyst estimates.
Analysts said the profit surge was due to increased shipments of organic light-emitting diode (OLED) panels for Apple Inc.’s new iPhone 12 and higher prices for liquid crystal panels (LCD). Prices for LCD screens have increased due to growing demand for televisions from global consumers stranded in their homes due to the COVID-19 pandemic.
Revenue rose 16% to 7.5 trillion won, LG Display said in a regulatory filing.
($ 1 = 1,101.0000 won)
Reporting by Joyce Lee and Heekyong Yang; Editing by Chris Reese and Richard Pullin
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