LG Display posts quarterly loss on tumbling LCD price
SEOUL | Mon Apr 18, 2011 2:18am EDT
(Reuters) - South Korea's LG Display, the world's No.2 LCD flat screen maker, posted its second consecutive quarterly loss on Monday, hit by tumbling panel prices and fragile demand from television and computer makers.
LG Display, which competes with sector leader Samsung Electronics Co, Japan's Sharp Corp and Taiwan's Chimei Innolux, said January-March operating loss was 239 billion Korean won ($219.7 million), worse than a consensus forecast of a 123 billion won loss polled by Thomson Reuters I/B/E/S.
But the result was broadly in line with StarMine's SmartEstimates, which places more weight on recent forecasts by top-rated analysts and expected a downside surprise of 92 percent to 235 billion won in the first-quarter operating loss.
Panel makers are reducing production, led by Sharp after last month's powerful earthquake in Japan, but demand growth from television and computer makers continues to remain too weak to absorb even reduced supplies and keep pressuring both panel prices and volume shipments.
Shares in LG Display have dropped 9 percent so far this year, lagging a 4 percent gain in the wider market, which has hit a record high this month.
($1 = 1,088.00 Korean Won)
(Reporting by Miyoung Kim; Editing by Dhara Ranasinghe)
Credit: Reuters (www.reuters.com)
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