LG.Philips LCD reports fourth consecutive quarterly loss

LG. Philips LCD Co., the world“s second-largest LCD manufacturer, said 10 April 2007 it posted a 1Q 2007 net loss on falling prices. LG.Philips lost KRW 169 billion (USD 181 million) in the three mon…

LG. Philips LCD Co., the world“s second-largest LCD manufacturer, said 10 April 2007 it posted a 1Q 2007 net loss on falling prices. LG.Philips lost KRW 169 billion (USD 181 million) in the three months ended 31 March 2007, the company said in a statement. LG.Philips LCD posted net profit of KRW 48 billion a year earlier. It was the fourth consecutive loss for the company, a joint venture between South Korea“s LG Electronics Inc. and Royal Philips Electronics NV of the Netherlands. LG.Philips LCD competes with South Korea“s Samsung Electronics Co. for dominance in the displays. The result was better than expected. The average estimate of nine analysts surveyed by Dow Jones Newswires forecast a loss of KRW 244 billion (USD 261 million). Sales during the quarter rose 10% to KRW 2.72 trillion (USD 2.9 billion), better than the analysts“ forecast of KRW 2.54 trillion (USD 2.72 billion). “During the 1Q 2007, our sales performance was encouraging, particularly in the TV and notebook PC segments, as the supply-demand environment improved and pricing began to stabilize”, LG.Philips LCD CEO Kwon Young-soo Kwon said in a statement. LG.Philips said that the average selling price per square meter of net display shipped, an industry benchmark, declined about 9% compared to the average of the 4Q of 2006.