Seoul, Jan 27 (IANS): LG Display on Wednesday said it shifted to a net profit in the fourth quarter of 2020, on the back of increased demand of its panels for IT products and sales of OLED displays amid the pandemic-induced stay-at-home trend.

LG Display reported a net profit of 621 billion won ($561.2 million) for the October-December period, swinging from a loss of 1.81 trillion won a year earlier.

Operating income for the fourth quarter was 685.5 billion won, compared with a loss of 421.9 billion won a year ago, the company said in a regulatory filing. Sales rose 16.2 percent on-year to 7.46 trillion won.

For the whole of 2020, LG Display reported a net loss of 70.6 billion won, sharply narrowing from a net loss of 691.6 billion won a year ago.

Operating losses 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.

Both operating profit and sales were higher than the market consensus of 377.3 billion won and 7.25 trillion won in a survey by Yonhap Infomax, the financial arm of Yonhap News Agency.

LG Display attributed its improved performance 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 added that solid sales of OLED panels for TVs, supported by full operation of its plant in Guangzhou, China, and increased production of plastic OLED panels also helped the company to enhance its profitability.

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.