LG Display, a leading innovator of TFT-LCD technology, reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending 30 September, 2012.
◆ Sales in the third quarter of 2012 increased by 10% to KRW 7,593 billion from KRW 6,910 billion in the second quarter of 2012, and increased by 21% compared with KRW 6,269 billion in the third quarter of 2011.
◆ Operating profit in the third quarter of 2012 was KRW 253 billion. This compares with a loss of KRW 26 billion in the second quarter of 2012 and operating loss of KRW 492 billion in the third quarter of 2011.
◆ EBITDA in the third quarter of 2012 was KRW 1,441 billion, an increase of 39% from KRW 1,039 billion in the second quarter of 2012 and a year-on-year increase of 216% from KRW 456 billion in the third quarter of 2011.
◆ Net income was KRW 158 billion in the third quarter of 2012 compared with net loss of KRW 112 billion in the second quarter of 2012 and net loss of KRW 688 billion in the third quarter of 2011.
LG Display achieved record high quarterly sales and a turnaround mainly through an expanding portion of differentiated specialty products and some seasonal demand growth
“Although the macro-economic environment has been continually challenging, LG Display accomplished a turnaround and record high in quarterly sales through the strength of its differentiated specialty products such as FPR 3D, high resolution monitor panels and AH-IPS panels for smart devices,” said Dr. Sang Beom Han, CEO of LG Display. “With a focus on future display products such as ULTRA HD TV, OLED TV and plastic OLED, we will continue to strengthen our leadership in the industry and maximize customer value.”
The company shipped a total of 9.17 million square meters of net display area in the third quarter of 2012, an increase of 7% quarter-on-quarter.
TFT-LCD panels for TVs, monitors, notebook PCs, tablet PCs, and mobile applications accounted for 47%, 16%, 13%, 15% and 9%, respectively, on a revenue basis in the third quarter.
With KRW 2,500 billion of cash and cash equivalents and 22% of net debt to equity ratio as of September 30, 2012, the financial structure of the company remains sound and stable.
