LG Display swings to Q2 loss on one-off costs

Seoul, July 22 (SocialNews.XYZ) LG Display, an affiliate of South Korean electronics giant LG Electronics, said on Wednesday it swung to a net loss in the second quarter from a year earlier due to one-off costs.

For the three months that ended in June, the company shifted to a net loss of 418.8 billion won (US$283 million) from a net profit of 890.8 billion won, it said in a statement.

"One-off costs associated with a voluntary retirement program in the second quarter weighed on the bottom line," a company spokesperson said, reports Yonhap news agency.

Operating losses slightly narrowed to 107.72 billion won in the second quarter from 116.03 billion won a year earlier.

Sales rose 0.4 per cent to 5.61 trillion won from 5.58 trillion won during the same period.

For the first six months of the year, the company also swung to a net loss of 994.54 billion won from a net profit of 653.73 billion won a year earlier.

However, it shifted to an operating profit of 38.99 billion won in the first half from an operating loss of 82.56 billion won a year ago.

The company attributed the improvement in operating earnings to continued progress in shifting its business portfolio toward organic light-emitting diode (OLED) products, supported by its technological competitiveness.

First-half sales fell 4 percent to 11.14 trillion won from 11.65 trillion won a year earlier.

In the second half, the company said it will continue expanding sales of premium OLED products while improving operational efficiency to enhance profitability.

"As the monitor market continues to shift from liquid crystal display (LCD) to OLED, the company plans to strengthen its portfolio of high-value products, including gaming OLED monitor panels, while increasing shipments," the statement said.

—IANS

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Source: IANS