South Korea’s leading display panel maker LG Display posted an operating income of 734.9 billion won in the first quarter of 2015, a near eightfold increase from a year earlier and the highest level in three years, according to the company’s regulatory filing Wednesday.

The company also said its quarterly sales hit a record high of 7.02 trillion won ($6.5 billion) thanks to robust sales of liquid crystal display panels for TVs and handsets.

The company explained that the higher-than-expected earnings were thanks largely to favorable market conditions and stable demand for large-sized TV panels since late last year.

Thin-film transistor LCD panels and mobile device panels together accounted for 66 percent ― 41 and 25 percent, respectively ― of the sales with those for PCs and laptops taking up 17 percent. Panel monitors accounted for the rest.

LG Group’s display business unit forecast that the organic light emitting diode market would grow further this year thanks to technology development and improvement in productivity.

“The company will solidify its leadership position and competitive advantage in the global display industry by targeting the high-end market with diversified OLED panel products and customer base while thoroughly building a firm foundation for the success of the OLED business,” the company said in a press release.

Shares of LG Display closed flat at 30,650 won on the Korean stock market on Wednesday, with the broader KOSPI edging down 0.04 percent. The earnings results came after the stock market closed.

By Kim Young-won (wone0102@heraldcorp.com)