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LG Display Q2 loss up on falling LCD prices, weak demand
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SME Times News Bureau | 23 Jul, 2019
South Korean LG Display Company's net losses widened in the second
quarter due to low LCD (liquid-crystal display) panel prices and weak
global demand. It logged 550 billion won ($467 million) net losses in
the period, compared with a loss of 301 billion won a year earlier, the
firm said in a regulatory filing on Tuesday.
The company reported
operating losses of 368.7 billion won, while sales declined 6 per cent
on-year to 5.35 trillion won in the second quarter, Yonhap news agency
reported.
The average price of the firm's 50-inch LCDs for TVs
dropped to 7.5 per cent on-year in the second quarter, according to
WitsView, a division of TrendForce.
The quarterly loss is also
attributed to its investment in organic light-emitting diode (OLED)
panels to shift from the traditional LCD panels that have been plagued
by falling demand and supply glut, partly from Chinese producers.
Earlier
in the day, LG Display said it would invest three trillion won in an
OLED facility in South Korea to expand production capacity.
The
company's OLED factory in China will start functioning next month and
roll out 60,000 OLED sheets per month. It would increase its monthly
OLED sheet output capacity to 130,000 units this year when combined with
output at its factory in Paju, north of Seoul.
"Once the Chinese
factory begins mass production in the third quarter, it will more than
double the firm's OLED panel capacity," said Seo Dong-hee, chief
financial officer. "We will also release plastic OLED panels for autos
in the latter half of the year to strengthen our position in the auto
display market," he said.
Shares of LG Display advanced 1.19 per
cent to 17,050 won on the Seoul bourse. The earnings report was released
after the market closure.
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