(Yicai Global) Oct. 30 -- Upwardly trending panel prices and strong demand drove BOE Technology Group's third-quarter net profit to 629.3 percent growth on the year to CNY1.3 billion (USD200.4 billion), reversing the decline in its first-half performance, the earnings report the panel supplier released yesterday shows.

BOE's operating revenue rose by 33.04 percent on the year to CNY40.8 billion in the period, bringing its total for the first three quarters to CNY101.7 billion in an annual 18.63 percent gain. Net profit attributable to its parent swelled 33.67 percent on the year to CNY2.5 billion in the first nine months.

Resurgent demand and the steady erosion of overseas capacity squeezed panel supplies overall in the second half and price increases are expected to hold into the fourth quarter, the Beijing-based firm said at an investor interface on Sept. 25.

China's panel firms underperformed in the first half, but their showing will greatly improve in the second on increasing panel prices, the company said. BOE bought an 80.8 percent stake in Nanjing Panda Electronics' panel production line for CNY5.6 billion on Oct. 19. The impact of the acquisition on its performance will be slight, however, BOE said.

Ever-larger television screens and the stimulus of sports events will continue to fuel demand and touch off a boom in the panel industry as a whole next year. The pandemic will recontour the competitive landscape and further consolidate the sector in the long run, with a steady alignment of the supply-demand structure, the company forecasts.

Editors: Zhang Yushuo, Ben Armour