BOE posts 231% surge in Q3 net profit

Source: Xinhua | 2017-10-26

BOE Technology Group, the Chinese mainland’s biggest LCD panel maker, surged by nearly the 10 percent daily cap yesterday after posting a 231 percent jump year on year in third-quarter net profit.

Its net profit was 2.17 billion yuan (US$329 million) in the third quarter while revenue grew 28 percent to 24.8 billion yuan, Shenzhen-listed BOE said in a statement.

BOE’s revenue and net profit will continue to grow in 2017 as it expands production capacity in new facilities in Hefei and Chengdu, said Minsheng Securities.

The share price of BOE surged 9.6 percent to 5.72 yuan, compared with a 0.86 percent rise in the Shenzhen stock index.

LCD or liquid crystal display panel is an upstream and key component used in consumer electronics devices.