LG Display, the world’s biggest manufacturer of LCD displays, announced Thursday that its operating profits in the third quarter posted 389 billion won ($365 million), up by 31 percent from the previous year.

Its sales fell 13.4 percent to 6.6 trillion won while its net profit increased 51.3 percent to 239 billion won.

This figure met market expectations as analysts predicted that its sales and operating profits to be 6.97 trillion won and 393 billion won, respectively.

Despite the continued sluggish demand on TV panels, the company’s sales and operating profits edged up from the previous quarter. It is due to the rise in shipment of small and medium-sized panels selling at high prices, LG Display officials said.

Expectations for fourth quarter earnings are optimistic too. LG Display’s chief financial officer Chung Ho-young said, “Thanks to seasonal demand and the rising shipment on small and mid-sized products, the fourth-quarter shipment is expected to see mid-single digit growth.”

Industry sources also painted a positive outlook.

“Though there is no high expectation of China’s TV market, the fourth quarter’s profitability will improve thanks to the sales rise in mobile and tablet display panels,” said Kwon Sung-ryul, a researcher at Seoul-based Dongbu Securities.

Shares of the LG company closed at 24,300 won on the bechmark KOSPI, up 0.21 percent, in the day. The third-quarter results were released after the market closed.

By Shin Ji-hye (shinjh@heraldcorp.com)