LG.Philips LCD Co Ltd aims to swing to a profit in the fourth quarter as seasonal demand lifts flat-screen TV sales and monitor panel prices recover, a company executive said on August 17.
Market conditions in the current quarter appear stronger than expected, and the company expects to meet or even slightly beat its sales and panel price guidance, Kwon Bock, executive vice president in charge of marketing, said in an interview.
"We tell investors that a turnaround is unlikely until the third quarter, and we're trying to post profits in the fourth quarter," Kwon told Reuters. "The market has growth momentum, and right now, it feels stronger than expected."
LG.Philips, which started as a joint venture between South Korea's LG Electronics Inc and Philips NV, last month reported a record quarterly loss of 322 billion won ($335.2 million), hit by crumbling liquid crystal display (LCD) panel prices.
The company, the world's biggest maker of large LCD panels in 2005, yielded the No 1 spot to home rival Samsung Electronics Co Ltd this year as it scaled back output. Samsung has benefited from the brand power of joint venture partner Sony Corp of Japan.