SEOUL: LG Display Co. announced a significant reduction in its net loss for the third quarter, attributing the improvement primarily to an uptick in the production of premium organic light-emitting diode (OLED) displays. According to Yonhap News Agency, the company reported a net loss of 338.1 billion won (approximately US$244.8 million) on a consolidated basis for the July-September period. This marks a substantial improvement compared to a net loss of 1.57 trillion won during the same period last year. In terms of operating profit, LG Display recorded a loss of 80.6 billion won, a decrease from a loss of 662.1 billion won the previous year. Sales surged by 42.5 percent, reaching 6.82 trillion won. The company's operating loss was 7.1 percent lower than the average estimate, as indicated by a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. LG Display attributed its improved performance to strategic efforts in expanding its business structure and enhancing operational effic iency. Streamlining workforce management also played a role in the company's financial turnaround. The proportion of OLED products in LG Display's total sales increased by 16 percentage points year-on-year, reaching 58 percent. In terms of product categories, TV panel products represented 23 percent of sales, while products for PC monitors and laptops accounted for 33 percent. Looking ahead, the company plans to further enhance its performance by focusing on its OLED business structure, operational efficiency, and cost innovation to drive profitability.
