LG Display in red for 7th straight qtr after price-fixing
SEOUL (Reuters) - South Korea's LG Display (034220.KS), a major supplier of panels for the iPad and iPhone, spilt red ink for a seventh straight quarter on price-fixing charges although TV panel prices are showing signs of stabilizing and sales to Apple Inc (AAPL.O) are growing.
LG Display, which vies with Samsung Electronics Co's (005930.KS) panel unit for the top position in LCD flat screens globally, had finally been able to shake off the ill effects of an industry oversupply in TV panels -- which account about half of its revenue -- when the price-fixing charges came.
Its April-June operating loss was 26 billion won ($22.6 million), better than an average forecast for a 74 billion won loss in a poll of 19 analysts by Reuters.
It compares with 48 billion won loss a year ago and a 178 billion won loss in the preceding quarter.
LG Display agreed this month to pay $380 million to resolve a U.S. civil lawsuit over price fixing in the liquid crystal display market, the largest amount paid among the ten companies who similarly settled the litigation.
Prior to the announcement shares of LG Display closed up 4 percent, outperforming a 0.7 percent gain in the wider market .KS11. ($1 = 1151.0000 Korean won)
(Reporting by Miyoung Kim; Editing by Richard Pullin)
- Hong Kong protesters march after fruitless talks with government
- Special Report: Traffickers use abductions, prison ships to feed Asian slave trade
- NOAA employee charged with stealing U.S. dam information
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- U.S. to funnel travelers from Ebola-hit region through five airports