Seoul:LG Display Co., an affiliate of South Korean electronics giant LG Electronics Co., reported a substantial increase in third-quarter net income, reaching 755.6 billion won (US$571.1 million). This marks an astounding rise of 60,496.2 percent compared to the same period last year.
According to Yonhap News Agency, the company, recognized as one of the world's leading display manufacturers, disclosed in a regulatory filing that it achieved an operating profit of 250.6 billion won for the quarter. This figure shows a decrease from the 431 billion won recorded the previous year. Additionally, the company's revenue experienced a decline of 9.8 percent, totaling 6.27 trillion won.
Despite the drop in revenue, LG Display's operating profit exceeded expectations by 40.9 percent, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. However, an estimate for net profit was not provided.