SEOUL, - LG Display Co. disclosed its sixth consecutive quarterly loss on Wednesday, although the deficit has narrowed from both the previous year and quarter.
According to a news release by Yonhap News Agency, LG Display recorded an operating loss of 775.4 billion won (US$491.2 million) for the July-September period on a consolidated basis. This compares with an operating loss of 759.3 billion won a year ago.
Revenue for the South Korean panel maker also dropped, falling 29.3 percent on-year to 4.78 trillion won during the cited period. The firm attributed the ongoing losses to sluggish demand caused by a global economic slowdown. The company has been operating at a loss for six straight quarters since registering an operating loss of 488.3 billion won in the second quarter of last year. However, the losses have decreased from 1.1 trillion won in this year's first quarter and 881.5 billion won in the second quarter.
LG Display cited delayed recovery of panel demand and inventory adjustments across all industries amid macroeconomic uncertainties as reasons for the weak financial performance. Nevertheless, the company noted that the losses improved both on-year and on-quarter due to measures aimed at strengthening business structure and enhancing operational efficiency.
In terms of sales for the third quarter, laptop and tablet PC panels constituted the largest share of LG Display's sales at 40 percent. This was followed by TV panels at 23 percent, mobile device panels at 28 percent, and automobile panels at 9 percent.
The company anticipates a financial turnaround in the upcoming fourth quarter, citing an expected rise in demand for new mobile devices during the year-end season.
The stock of LG Display experienced a surge, closing 5.45 percent higher at 12,580 won, notably outperforming the broader KOSPI, which fell by 0.9 percent. The earnings results were publicized before the market closed.