LG Display announces 13.4% drop in Q3 sales

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LG Display announces 13.4% drop in Q3 sales

LG Display reported a year-on-year decline of 13.4 percent in third-quarter sales, citing a decrease in demand in China and inventory reductions by several of its customers, including Apple.

The Seoul-based company yesterday reported figures for the third quarter ending in Sept. 30, including 6.58 trillion won ($6.19 billion) in sales, compared with 7.59 trillion won in the third quarter of last year.

Sales in the second quarter stood at 6.57 trillion won.

Operating profit, however, increased 31 percent from 297.1 billion won from a year earlier to 389.2 billion won, the company said, thanks in part to the increased shipments of small and midsize panels and the implementation of cost-cutting measures.

Net profit rose 51.3 percent to 239.42 billion won.

LG Display Chief Financial Officer Jeong Ho-young said that the company expects shipments in the fourth quarter will increase from the third quarter.

LCD panels for television screens accounted for 44 percent of sales in the third quarter, followed by panels for desktop monitors (20 percent), mobile phone screens (15 percent), laptop computer screens (11 percent) and tablet PC screens (10 percent).

BY MOON GWANG-LIP [joe@joongang.co.kr]
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