LG Display Co Ltd reported its first quarterly profit in two years on Friday as sales of its screens used in Apple's iPad and iPhone offset weak demand from TV manufacturers. LG Display reported 253 billion won ($230 million) in operating profit for its July-September third quarter.

"We expect profitability to improve further in the fourth quarter, as a host of new mobile devices will launch and increase panel demand," the firm said in its earnings statement.

LG said it expected LCD panel prices to remain stable in the current quarter, and its flat-screen shipments to rise by a high single digit percentage quarter-on-quarter.

LG Display sells displays for use in televisions, monitors, mobile devices and notebooks and major technology firms such as Apple, Dell, Sony, Hewlett Packard, Nokia and LG Electronics are key existing clients.

The company plans to increase budgets for next-generation displays such as organic light-emitting diode, flexible and ultra-definition screens for corporate sustainability.

The company also also plans to add full 1080p high-resolution capabilities to its smartphone screens in the first half of next year.