LG Display's Q1 operating loss of $341.1 million better than estimates
Published: 25 Apr. 2024, 19:08
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- JIN EUN-SOO
- [email protected]
![This photo provided by LG Display Co. shows its latest OLED TV panel. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/04/25/4b88c52b-4134-44e9-b81d-11b0cef5be33.jpg)
This photo provided by LG Display Co. shows its latest OLED TV panel. [YONHAP]
Its operating loss reached 469.4 billion won ($341.1 million) for the January-March period, compared to a loss of 1.09 trillion won a year earlier, according to the company in a regulatory filing.
LG Display posted operating profit in the fourth quarter of 2024 after six consecutive quarterly losses.
Sales jumped 19.1 percent on year to 5.25 trillion won for the three-month period, while its net loss contracted to 761.3 billion won from 1.15 trillion won.
The operating loss was 20.7 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
LG Display said its weak bottom line is attributable to low seasonal cycles in the first quarter.
However, the quarterly loss shrank from a year ago on the back of efforts to change its business portfolio, which focused on organic light emitting diode products, and strict cost-saving activities.
The company said its first quarter sales rose thanks to an increase in shipments of TV and monitor panels.
Sales of screens for IT products like monitors, laptops and tablets accounted for 40 percent of the company's total sales for the January-March period, followed by mobile displays and others with 28 percent and TV panels with 22 percent.
LG Display said it will expand the production of premium panels for TV, IT, mobiles and automobiles and streamline its cost structure in a way to improve its balance sheet.
Yonhap
with the Korea JoongAng Daily
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