Chinese display manufacturers BOE Technology reported a net profit of 4.3 billion yuan (653.4 million US dollars) for the first half of 2017. Thus, the company managed to improve its financial health after last year's losses, the amount of which in January-June 2016 reached 516 million yuan, reports DigiTimes.

In addition, BOE revenue has also improved significantly: sales increased by almost 69% to 44.6 billion yuan. More than 90% of this amount, or 40.26 billion yuan, the company earned on the sale of displays and sensory products.

BOE also noted that during the past 6-month period, the company spent 3.17 billion yuan on research and development (R & D) and filed more than 4,000 patent applications.

The Chinese manufacturer is rapidly increasing its production capacity and strengthening its market position.

Earlier, industry sources, citing analysts' data, reported that in 2017, BOE will almost equal the volume of shipments with the leader of the market of large-size LCD panels LG Display (LGD), and in the future may outstrip the South Korean competitor.

It is expected that in 2017, the Chinese vendor will supply 20.8% of the total volume of large-size displays, while LGD's contribution is projected at 21%. Commissioning of new enterprises in China will allow BOE to bring the annual output to 54.8 million square meters. M in 2019 and surpass the LG Display, which will amount to 53.8 million square meters.