LG Display’s operating losses continue to grow

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LG Display’s operating losses continue to grow

LG Display on Wednesday reported an operating loss for its third quarter due to the continuous drop in liquid crystal display (LCD) panel prices.

LG Display, which supplies LCD panels to Apple, posted a 436.7 billion won ($390 million) operating loss in the July-September period, a significant drop from the 140 billion won operating profit posted in the same period last year.

LG Display posted a loss for the third consecutive quarter. Its loss in the first quarter was 132 billion won, climbing to 369 billion won in the second quarter.

The company’s sales in the third quarter stood at 5.82 trillion won, down 5 percent on year.

LG Display’s performance in the third quarter dropped lower than the industry projected due to the rapid drop in LCD panel prices and the reduced utilization rate of the company’s LCD panel production.

LG Display’s sales proportion earned from selling TV panels in the third quarter retreated to account for 32 percent, from 41 percent in the previous quarter.

Sales of mobile phone panels, however, increased to account for 28 percent of entire sales in the third quarter, compared to 19 percent in the second quarter.

To overcome the increasing loss, the company said it will invest more in profitable products like organic light-emitting diode (OLED) panels and its specialized LCD lineup.

BY JIN MIN-JI [jin.minji@joongang.co.kr]
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