Seoul:LG Display Co. announced a substantial rise in its third-quarter net profit, attributed to favorable foreign currency translation gains as the South Korean won strengthened against the U.S. dollar.
According to Yonhap News Agency, LG Display reported a net income of 755.6 billion won (US$571.1 million) for the July-September period, marking a staggering increase of 60,496.2 percent compared to the same period last year. Despite a decline in operating profit and revenue, the company managed to swing to a profit from the previous quarter's operating loss.
The company's operating profit for the quarter was 250.6 billion won, a 42 percent decrease from the previous year's 431 billion won. Revenue also saw a decline, dropping 9.8 percent year-on-year to 6.27 trillion won. However, the operating profit exceeded expectations by 40.9 percent according to a survey by Yonhap Infomax.
Kim Sung-hyun, LG Display's chief financial officer, highlighted the company's focus on strengthening business competitiveness and improving operational efficiency amid ongoing external uncertainties such as exchange rate fluctuations and component pricing challenges.