LG Display, 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 March 31, 2012.
◆ Sales in the first quarter of 2012 decreased by 6% to KRW 6,184 billion from KRW 6,610 billion in the fourth quarter of 2011, and increased by 15% compared with KRW 5,366 billion in the first quarter of 2011.
◆ Operating loss in the first quarter of 2012 was KRW 178 billion. This compares with a loss of KRW 145 billion in the fourth quarter of 2011 and operating loss of KRW 239 billion in the first quarter of 2011.
◆ EBITDA in the first quarter of 2012 was KRW 812 billion, a decrease of 4% from KRW 849 billion in the fourth quarter of 2011 and a year-on-year increase of 41% from KRW 577 billion in the first quarter of 2011.
◆ Net loss was KRW 129 billion in the first quarter of 2012 compared with net loss of KRW 6 billion in the fourth quarter of 2011 and net loss of KRW 115 billion in the first quarter of 2011.
“This quarter, LG Display established a base for strengthened competitiveness with an approach emphasizing differentiated products as well as new models,” said Mr. Sang Beom Han, CEO of LG Display. “With the foundation that we’ve laid and improved market situation, we expect to show better results and begin moving towards a turnaround in the second quarter. As always, LG Display will continue to lead the industry with its differentiated and world class products.”
The company shipped a total of 8.09 million square meters of net display area in the first quarter of 2012, a decrease of 4% quarter-on-quarter. During the first quarter, LG Display proactively prepared for activities to expand its portion of differentiated products and new models. Due to allocations for the initial output of newly developed products currently in production, output capacity was reduced temporarily; in turn, LG Display shipments in square meters decreased by approximately 4% compared to the previous quarter.
TFT-LCD panels for TVs, monitors, notebook PCs, tablet PCs and mobile applications accounted for 47%, 21%, 15%, 5% and 12%, respectively, on a revenue basis in the fourth quarter. The Average Selling Price decreased by approximately 2% to USD 669 compared to the fourth quarter of 2011.
With KRW 2,393 billion of cash and cash equivalents and 145% of liability to equity ratio as of March 31, 2012, the financial structure of the company remains stable.
