LG Display cuts Q4 shipment growth forecast

SEOUL, Dec. 10 (Yonhap) -- LG Display Co., the world's No. 2 maker of
liquid-crystal displays (LCDs), cut its shipment growth forecast on Wednesday
for the fourth quarter from a previous estimate, citing falling panel prices and
slumping demand.
Shipment growth for the October-December period is forecast to rise in the
single-digit percent range from the previous quarter, the company in a
regulatory filing without proving concrete figures, in comparison with an
earlier estimate of a low-to-mid teen percentage increase.
The company also forecast a larger-than-expected drop in profitability, with
operating income likely to fall to the mid-teen percent range from sales. LG
Display initially projected a low 20-percent profit margin.
LG Display projected a 20 percent drop in panel prices, compared to a previously
expected dop in the single-digit percent range.
"LG Display expects an 80-percent production rate, compared to its full
capacity, in the fourth quarter amid faltering demand, but will continue to
maintain sound inventory levels by controlling output," said Jeong Ho-young, the
company's vice president.
The company's third-quarter net income fell 44 percent on-year to 295 billion
won, as a global glut dragged down LCD prices and U.S.-triggered financial
turmoil undercut demand.
odissy@yna.co.kr
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