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LG Display Posts Lower Revenue, Higher Profits

Seoul, Korea – LG Display reported lower revenues, but higher profits in its third quarter ended Sept. 30. 10/17/2013 05:26:00 AM Eastern

Seoul, Korea – LG Display reported lower revenues, but higher profits in its third quarter ended Sept. 30.

Revenues in the third quarter of 2013 decreased by 13 percent to KRW 6,579 billion from KRW 7,593 billion in the third quarter of 2012.

Net income in the third quarter of 2013 was KRW 239 billion compared with net income of KRW 158 billion in the third quarter of 2012.

And operating profit in the third quarter was KRW 389 billion, a year-on-year increase of 31 percent from the operating gain of KRW 297 billion in the prior year’s fiscal third quarter.

LG Display posted a quarter-on-quarter growth both in revenues and in operating profit in the third quarter of 2013 driven mainly by an increase in shipments of mid- to small-sized specialty products and the company’s ongoing efforts to reduce costs, despite a decline in panel prices and slowing demand amid TV manufacturers’ conservative inventory management.

The company shipped a total of 8.78 million square meters of net display area in the third quarter of 2013, a slight decrease of 1 percent quarter-on-quarter.

TFT-LCD panels for TVs, monitors, mobile applications, notebook PCs, and tablets accounted for 44-, 20-, 15-, 11- and 10-percent, respectively, on a revenue basis in the third quarter of 2013.