LG Display fails to swing into black in Q2

LG Display failed to swing into the black in the second quarter of this year due to sluggish market conditions but narrowed its operating deficit to 48.3 billion won ($45.6 million) from 23.9 billion won in the previous quarter.

Quarterly net profit reached 21.3 billion won, up from the 115.4 billion won deficit it recorded in the first quarter, the Seoul-based display-maker said on Thursday.

“We fared well considering the rapidly changing market conditions, and this was because we have been training ourselves to become stronger and more resilient,” said LG Display CEO Kwon Young-soo.

He added that the company will seek to overcome uncertainties with effective management strategies.

Compared to the first quarter of last year, the company’s net profit fell by more than 90 percent.

Sales during the April to June period rose by approximately 13 percent to reach 6.04 trillion won from the 5.36 trillion won in the first quarter.

The company said it shipped 7.45 million square meters of net display area to record an 11 percent increase from the previous quarter.

Television displays accounted for almost half the sales volume, followed by monitor panels with 20 percent and laptop displays with 14 percent. About 8 percent were for mobiles.

LG Display had been pinning hopes on the brisk sales of its film-type retarder panels fitted into 3-D televisions and monitors to give its second quarter performance a boost.

By Kim Ji-hyun (jemmie@heraldcorp.com)