SEOUL, Korea (27 January, 2012) LG Display [NYSE: LPL, KRX: 034220], a leading innovator of TFT-LCD technology, reported today unaudited earnings results based on consolidated K-IFRS (Korean International Financial Reporting Standards) for the three-month period ending December 31, 2011.
◆ Sales in the fourth quarter of 2011 increased by 5% to KRW 6,610 billion from KRW 6,269 billion in the third quarter of 2011, and increased by 2% compared with KRW 6,483 billion in the fourth quarter of 2010.
◆ Operating loss in the fourth quarter of 2011 was KRW 145 billion. This compares with a loss of KRW 492 billion in the third quarter of 2011 and operating loss of KRW 387 billion in the fourth quarter of 2010.
◆ EBITDA in the fourth quarter of 2011 was KRW 849 billion, an increase of 86% from KRW 456 billion in the third quarter of 2011, and a year-on-year increase of 115% from KRW 396 billion in the fourth quarter of 2010.
◆ Net loss was 6 billion in the fourth quarter of 2011 compared with net loss of KRW 688 billion in the third quarter of 2011 and net loss of KRW 268 billion in the fourth quarter of 2010.
The company posted stable annual sales of KRW 24,291 billion in 2011 despite the global economic recession.
“Although uncertainty in the display market continued mainly due to the global economic recession, we were able to sustain our competitive industry position with a focus on differentiated products such as FPR 3D and IPS for smart devices, as well as high factory utilization rates. As a result, we are pleased to report a growth in market share in all product segments, sales and shipments” remarked Dr. Sang Beom Han, newly appointed CEO of LG Display. “Having recently received wide acclaim for our large sized OLED TV panel at the Consumer Electronic Show 2012, we are excited about the year ahead and will continue our strategy of developing differentiated products to define the market.”
The company shipped a total of 8.41 million square meters of net display area in the fourth quarter of 2011, an increase of 4% quarter-on-quarter.
For the fourth quarter, the cost in production on a USD basis decreased by a mid-single digit percentage from the third quarter. The main factors contributing to this cost improvement were the results of proactive activities such as reducing overhead costs.
TFT-LCD panels for TVs, monitors, notebook PCs, smartbooks and mobile applications accounted for 47%, 20%, 13%, 9% and 11%, respectively, on a revenue basis in the fourth quarter.
With KRW 2,333 billion in cash and cash equivalents and 148% in liability to equity ratio as of December 31, 2011, the financial structure of the company remains stable.
