Benefiting from broad recovery in panel selling prices and strong demand for its large ultra-HD 4K TVs, the world’s largest panel maker LG Display Co. posted record quarterly profit of 1.03 trillion won ($911.2 million) in the first three months of 2017.

The leader in OLED technology on Wednesday reported that its operating profit skyrocketed 25 times from 39.5 billion won in the year-ago period and gained 14 percent from the previous quarter.

Sales increased 18 percent on year to 7.06 trillion won, but decreased 11 percent on quarter, suggesting it had sold more lucrative high-end products.

Its net profit totaled 679 billion won, down from 825 billion won in the previous quarter but improving sharply from 1 billion won in a year-ago period.

Shares of LG Display gained 0.64 percent to end at 31,400 won in Seoul trading on Wednesday.

Consumers’ preference of large screens and positive response to its high-end product lines such as super-big ultra high definition (UHD) panels and in-TOUCH technology translated into strong sales figures.

Panels for TV accounted for 43 percent of the company`s first quarter sales, mobile devices 26 percent, tablets and notebook PCs for 16 percent, and desktop monitors 15 percent.

Kim Sang-don, LG Display’s chief financial officer, was confident of second-quarter panel shipment by area staying in the similar scale of the first quarter as demand is greater for large TV panels. In volume, shipment of TVs could slight soften in the second quarter, he added. Overall, panel prices will plateau in the second quarter.

The company will ramp up production of OLED TVs and start rolling out next-generation plastic OLED, he added.

By Lee Dong-in

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