Seoul–LG Display reported a net loss in the second quarter, reversing a year-earlier profit as costs associated with a voluntary retirement program weighed on its results.
The South Korean display panel maker posted a net loss of 418.8 billion won, or about $283 million, for the three months ended in June, compared with a net profit of 890.8 billion won a year earlier.
“One-off costs associated with a voluntary retirement program in the second quarter weighed on the bottom line,” a company spokesperson said.
The company’s operating loss narrowed slightly to 107.72 billion won from 116.03 billion won in the same quarter last year.
Revenue increased 0.4 percent to 5.61 trillion won from 5.58 trillion won a year earlier.
For the first half of the year, LG Display recorded a net loss of 994.54 billion won, compared with a net profit of 653.73 billion won in the year-ago period.
The company, however, posted an operating profit of 38.99 billion won for the first six months, reversing an operating loss of 82.56 billion won a year earlier.
LG Display attributed the improvement in operating performance to continued progress in shifting its product portfolio toward organic light-emitting diode panels, supported by its technological capabilities.
First-half revenue declined 4 percent to 11.14 trillion won from 11.65 trillion won a year earlier.
The company said it plans to increase sales of premium OLED products and improve operational efficiency during the second half of the year to strengthen 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,” LG Display said. (Source: IANS)
