Asia Bizz: LG Display Co. Witnesses Third Quarter Profit Drop As Demand In Panels Fall
LG Display Co., the world’s second largest display manufacturing company, has witnessed an acute drop in it’s profit earning for the third quarter. LG shed 62% in the third quarter, as demand for the panels in the market dropped considerably. Net Income of the company fell to 224.2 billion won, compared to the 595.3 billion won earned last year.
As per the experts, the profits are reported to fall further ahead in the year, and especially in the fourth quarter. The reports of the fall in profits came just after leading electronics manufacturer Samsung lost it’s target sales. There is great concern in the market, as the demand in electronics is falling at a steady pace.
Samsung is the world’s largest display and other electronic gadgets manufacturer, but LG has a better name in the market, since the company supplies panels to Apple for their products. Experts state that the market growth has been relatively slow and the target expectations were just too high.
