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LG.Philips announce dramatic return to profit

July 10th, 2007 · No Comments

Joint venture LCD panel maker LG.Philips has reversed its fortunes,  posting a net profit of 228 billion won for the second quarter. It predicts even bigger revenues for Q3, thanks to effective cost cutting and competitive pricing. The world’s second-largest manufacturer of displays said sales rose 44.9 per cent.
LG.Philips CEO Kwon Young-soo proclaimed: “Our second quarter performance was better than expected. This was driven in large part by successful efforts to cut costs, and to keep disciplined spending and healthy inventory levels. We benefited from more rational production and pricing levels in global markets.”

Tags: Corporate · LCD TV · Trade

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