Hankuk first-quarter net hit by price cuts

South Korean Hankuk Electric Glass, a leading maker of glass bulbs for computer monitors, said on 15 May that its net profit fell 15.3% year-on-year to KRW 37.7 billion as it lowered product prices. A…

South Korean Hankuk Electric Glass, a leading maker of glass bulbs for computer monitors, said on 15 May that its net profit fell 15.3% year-on-year to KRW 37.7 billion as it lowered product prices. Analysts said the results were better than expected, but warned the firm will face falling demand in the future as TFT-LCD (thin film transistor liquid crystal display) screens gain wider usage, replacing conventional glass bulbs. The company said it was not changing its 2.8 million unit output projection for this year, up from 2.4 million units in 2001. Hankuk also said it was also maintaining its KRW 680 billion sales target for this year, up from KRW 610 billion in 2001. South Korean display maker Samsung SDI Co. and LG. Philips Displays, a joint venture between Dutch firm Philips Electronics and Korea“s LG Electronics, are among the main buyers of Hankuk Electric Glass products. Japan“s Asahi Glass Co is the largest shareholder in Hankuk Electric Glass.