LG Display Reports Lower Sales, Profits

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Seoul, South Korea - LG Display reported lower sales and a dramatic drop in net profit in its fiscal second quarter, ended June 30.

Sales in the quarter were 6.01 trillion won, down from 6.45 trillion won in the same quarter last year.

Net income was 21.3 billion won, down year on year from 554.8 billion won a year ago.

The operating loss was 48.3 billion won compared with the prior year's 725.9 billion won operating profit.

LG Display reported it shipped a total of 7.45 million square meters of net display area in the second quarter of 2011, an increase of 11 percent quarter on quarter.

The company said TFT-LCD panels for TVs, monitors, notebook PCs, smartbooks and mobile applications accounted for 48 percent, 20 percent, 14 percent, 10 percent and 8 percent, respectively, on a revenue basis in the second quarter.

Young Soo Kwon, CEO of LG Display, said in a statement, "Despite the rapidly changing market conditions, we were able to maintain our competitive industry position due to a strong business structure that is highly resilient to market fluctuation. We will focus on increasing the proportion of differentiated products ... and executing efficient operation strategies to overcome uncertainties in the second half of the year."


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