LG Display Co. said Thursday its second-quarter operating loss narrowed due mainly to increased production of premium organic light-emitting diode (OLED) displays for iPhones and iPads.
Its operating loss reached 93.7 billion won (US$67.7 million) for the April-June period, compared with a loss of 881.5 billion won a year earlier, according to the company in a regulatory filing.
Its sales rose 41.6 percent on-year to 6.7 trillion won, while its net loss totaled 470.8 billion won (US$339.6 million), contracting from 698.8 billion won a year ago.
The operating loss was 63.2 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
LG Display said the better-than-expected second-quarter performance was led by mass production of OLED panels for IT gadgets, and the production expansion of large-sized OLED products.
In particular, sales of OLED products accounted for 52 percent of the company’s total sales for the second quarter, up 10 perc
entage points from the same period last year.
LG Display’s OLED screens are key components of Apple Inc.’s iPad and iPhone.
Sales of screens for IT products, like monitors, laptops and tablets, accounted for 44 percent of the company’s total sales for the April-June period, followed by TV panels with 24 percent and mobile displays and others with 23 percent.
LG Display said while it is gradually reducing its quarterly deficit, it aims to turn to net profit in the second half of year by strengthening competitiveness in the mainstream OLED sector.
Source: Yonhap News Agency