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S.Korea's LG Display sees positive earnings in Q2

Xinhua
28 Jul 2021, 17:30 GMT+10

SEOUL, July 28 (Xinhua) -- LG Display, one of the major South Korean display panel manufacturers, saw positive earnings in the second quarter due to a higher price for liquid crystal display (LCD) panels and a robust sale of organic light-emitting diodes (OLED), the company said Wednesday.

Operating profit amounted to 701.1 billion won (606.5 million U.S. dollars) in the April-June quarter, after recording an operating loss of 517 billion won (447.3 million U.S. dollars) a year earlier.

Revenue picked up 31.3 percent over the year to 6.97 trillion won (6 billion U.S. dollars) in the three months ending June 30, marking the highest second-quarter revenue in the company's history.

Net income reached 423.8 billion won (366.6 million U.S. dollars) in the second quarter, swinging to the black from a net loss of 503.8 billion won (435.9 million U.S. dollars) tallied in the same quarter of last year.

The positive earnings were attributed to the strong sale in TV displays, including OLED, the higher LCD panel price, and the solid performance in IT products.

Panels for IT devices and TVs accounted for 39 percent and 38 percent respectively of the combined revenue in the second quarter, with those for mobile and other devices taking up 23 percent.

LG Display said its OLED TV panel shipments in the first half surpassed 3.5 million units, which made up 80 percent of last year's annual shipments.

"We saw a solid performance in the second quarter as a result of the favorable LCD market situation as well as the company's efforts to improve its OLED business," said Suh Dong-hee, senior vice president of LG Display.

"We will step up our efforts to improve our OLED business performance and aim to solidify its business operations built through its partnerships with customers to maintain a stable performance in the LCD sector," Suh added.

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