Seoul [South Korea], July 29 (ANI/Global Economic): LG Display recorded 'Earning Surprise,' which means that its operating profit surpassed 700 billion won, with the booming of display industry in second quarter of this year.
LG Display announced on the 28th that it achieved sales of 6.96 trillion won and operating profit of 701.1 billion won in the second quarter of this year. The sales revenue increased by 31.3% year-on-year and operating profit converted to surplus.
LG Display's operating profit surpassed 700 billion won for the first time in 4 years since the second quarter of 2017 (804.3 billion won). The sales revenue is also the highest in the second quarter ever.
Its operating profit in the first half of this year was 1.2241 trillion won, and surpassed 1 trillion won.
"The second quarter's high sales performance is the result of not only LCD market recovery but also OLED business normalization," said Dong-Hee Suh, CFO and executive vice president of LG Display. "Although there still will be market volatility, the company will establish stable LCD business foundation to create good performance through strategic collaboration with customers."
LG Display explained that sales of TV products, including OLED TVs, increased in the second quarter and solid sales performance of IT products led to overall profit and loss improvement.
By-products, the sales of IT panels were the highest with 39%, and TV panels accounted for 38% and mobile panels accounted for 23%.
Shipments of OLED TV panels, which LG Display focuses on, were 3.5 million units in the first half of last year, exceeding 80% of annual shipments last year. It is predicted that the shipments will be surpassed the target annual shipments 8 million units.
LG Display is expecting that it will achieve the OLED business surplus in the second half of this year for the first time since the business started in 2013, and achieve operating profit ratio of more than one digit next year.
LG Display predicted that its OLED TV panels production capacity will be expanded to 10 million units next year and 11 million units the year after next if it decides to expand 30,000 units per month in Guangzhou FAB with increased demand for OLED TV panels. (ANI/Global Economic)