LG.Philips LCD Profits Nearly Quadruple

Earlier in the week we reported that LG.Philips was cutting the price on their 23' LCD panels. A report published by Market Watch today might suggest otherwise.

LG.Philips LCD, joint venture of South Korea’s LG Electronics and Philips Electronics of the Netherlands, said Friday its second-quarter net income nearly quadrupled from a year earlier due to robust sales of flat-panel displays.

The world’s second-biggest maker of liquid crystal displays (LCDs) after Samsung Electronics (SSNGY) posted net income of 701 billion won ($610 million) in the three months ended June 30, compared with 183 billion a year ago, the Seoul-based company said.

Sales jumped 80 percent to 2.33 trillion won from a year ago and increased about 7 percent from 2.19 trillion won in the first quarter.

LG.Philips LCD is a 50-50 joint venture between LG Electronics (LGEAF) and Philips Electronics (PHG) which formally began operation on September 1, 1999.

Shares of LG Electronics surged 3.4 percent after the news. South Korea’s benchmark Kospi index was up 0.9 percent.

So the truth could be that while their LCD sales have increased 4-fold over-all, the 23′ LCD panel still continues to struggle.

Sources: CBS Market Watch, Investors.com

Read our report on LG.Philips slashing 23′ LCD prices here.