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LG Display sees LCD market recovery from Q2 2009

Tue Oct 14, 2008 8:10pm EDT

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SEOUL, Oct 15 (Reuters) - The flat panel market could recover from the second quarter of next year when oversupply eases, the chief executive of LG Display Co Ltd (034220.KS) said, adding the the company would use production cuts to weather the downturn.

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The global economic downturn following the financial sector crisis will be "very difficult", said Kwon Young-soo, CEO at the world's No.2 liquid crystal display (LCD) maker.

"We assume the worst-case secenario and plan to act accordingly," Kwon said. "There will be output cuts naturally."

LG Display reported on Tuesday a 44 percent drop in third-quarter net profit to 295 billion won ($245 million). Although the number came above expectations, analysts remain worried about the industry's outlook as a global economic downturn hits demand for flat TVs and personal computers.

Kwon said screen prices were expected to bottom out around the year-end and makers would increase the scale of output cuts to fight the weak market. Kwon's comments, made at a media gathering on Tuesday, were embargoed for release on Wednesday.

LG Display said on Tuesday it expects its average panel price to fall by a high single-digit percentage in the fourth quarter, with shipments rising by a low- to mid- teen percent. (Reporting by Rhee So-eui; Editing by Keiron Henderson)

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