 Flat screen prices seem to be stabilising |
Profits at European-South Korean flat screen maker LG Philips have tumbled as prices of the screens for TVs and computer monitors have slumped. The slide of 94% in the three months to June from a year earlier was the result of worldwide oversupply, the firm said.
But the 41bn won ($39m; �23m) profit exceeded expectations, and was ahead of the previous quarter's 79bn won loss.
The firm, a joint venture between LG and Philips, said it expected prices to stabilise during the rest of the year.
Sales for the period were 2.3 trillion won, slightly below the level of a year earlier.
The past year has proved disappointing, not only for LG Philips but for many of its competitors.
The huge global demand for flat screen TVs and monitors drove massive investment, leading to a glut.
The result for LG Philips has been three successive quarters of falling profits. The company ended up in the red in the first quarter.
The glut has also hurt the firm's owners, and was the main cause of an 80% fall in first-quarter profits at the Netherlands' Philips Electronics.
One-Minute World News 
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