April 17, 2024

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[THE INVESTOR] LG Display said on April 25 it turned to a net loss in the January-March period, posting a quarterly shortfall for the first time in six years amid falling global panel prices.

The net loss came to 48.9 billion won (US$45.40 million), compared with a profit of 679 billion won posted a year earlier, the company said through its regulatory filing.

The company also posted an operating loss of 98.3 billion won, compared with a profit of 1 trillion won posted a year earlier.

Sales moved down 19.6 percent to 5.67 trillion won.

LG Display said its sales lost ground due to seasonally low demand coupled with weaker demand from manufacturers, who took a wait-and-see stance on a possible increase of the supply from Chinese rivals.

The company, however, said the sales from the OLED panel business continued to increase, claiming the segment’s profitability also rose.

Despite the improved performance of the OLED sector, however, LG Display said the falling global prices of LCD panels and foreign-exchange conditions led the company to post a quarterly shortfall in the cited period.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)