LG Display reported a net profit of 621 billion won or $561.2 million during the October-December quarter, as compared with a loss of 1.81 trillion won a year earlier.
Operating income of LG Display was 685.5 billion won for the fourth quarter of 2020, compared with a loss of 421.9 billion won a year ago. LG Display said its sales rose 16.2 percent on-year to 7.46 trillion won.
In 2020, LG Display reported a net loss of 70.6 billion won as compared with a net loss of 691.6 billion won a year ago.
Operating loss also narrowed to 29.1 billion won from 714.5 billion won, while sales rose 3.2 percent on-year to 24.23 trillion won in 2020.
LG Display said its improved performance was due to increased demand of its display products amid the rising trend of remote working and distance learning caused by the novel coronavirus pandemic.
LG Display today said that sales of OLED panels for TVs, supported by operation of its plant in Guangzhou, China, and increased production of plastic OLED panels also helped the company to enhance its profit.
By product, panels for IT products accounted for 37 percent of its revenue in the fourth quarter. TV panels accounted for 29 percent of its revenue, while mobile displays and other screen products made up 34 percent of its sales, LG Display said.