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LG Display sees record operating profits in Q4 2016
LG Display recorded some excellent financial number to close out 2016. The company announced it had record-breaking operating profits of 904.3 billion won ($778 million) for the fourth quarter of 2016. That’s a huge increase compared to the 61 billion won in operating profit it recorded in the fourth quarter of 2015. This was the 19th straight operating profit quarter for the company.
Revenues for the quarter came in at 7,936 billion won, up 6 percent compared to the 7,496 billion won LG Display recorded from the same period a year ago. Net income for the fourth quarter was 825 billion won, a big jump compared to the company’s loss of 14 billion won in the fourth quarter of 2015.
During the quarter, TV panels made up 38 percent of LG Display’s revenues. Mobile device displays were a close second at 31 percent, followed by displays for tablets and notebook PCs at 17 percent and finally desktop PC monitors took up the remaining 14 percent.
In its press release announcing the financial results, LG Display confirmed earlier reports that it plans to ramp up production of OLED displays later this year for small and mid-sized panels. We could see those screens used in upcoming smartphones in 2017, as the mobile phone and tablet industry tries to make the transition away from the older LCD display platform.