South Korea's LG Display Co. posted a threefold increase in its second-quarter profit compared with a year ago despite falling prices for flat-screen panels used in TVs and other electronics, the company said Wednesday.
Net profit for the three months ended June 30 was 759 billion won (US$755 million), up from profit of 228 billion won in the same quarter last year. The profit for the most recent quarter was a slight improvement over the 717 billion won earned in the first quarter.
Sales rose 26 percent from a year ago to 4.2 trillion won (US$4.2 billion), the company said. That represented an increase of 4 percent from the previous quarter.
LG Display, the world's second-largest flat panel maker, said the average price per square meter of display area dropped about 5 percent from prices in the first quarter of 2008.
The company, formerly LG.Philips LCD Co., changed its name to LG Display in March, reflecting a reduction in shares held by Royal Philips Electronics NV of the Netherlands.
LG.Philips LCD began as a joint venture between South Korea's LG Electronics Inc. and Philips in 1999.
