LG Display, a leading innovator of display technology, reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2013.
◆ Sales in the first quarter of 2013 increased by 10% to KRW 6,803 billion from KRW 6,184 billion in the first quarter of 2012 and decreased by 22% from KRW 8,743 billion in the fourth quarter of 2012.
◆ Operating profit in the first quarter of 2013 was KRW 151 billion. This compares with operating loss of KRW 211 billion in the first quarter of 2012 and operating gain of KRW 587 billion in the fourth quarter of 2012.
◆ EBITDA in the first quarter of 2013 was KRW 1,269 billion, a year-on-year increase of 64% from KRW 779 billion in the first quarter of 2012 and a quarter-on-quarter decrease of 30% from KRW 1,814 billion in the fourth quarter of 2012.
◆ Net income was KRW 3.5 billion in the first quarter of 2013 compared with net loss of KRW 129 billion in the first quarter of 2012, and net income of KRW 319 billion in the fourth quarter of 2012.
LG Display posted its fourth-straight quarterly operating profit at KRW 151 billion, compared with operating loss of KRW 211 billion in the first quarter of 2012. This is the outcome of a strategic and continuous approach seeking to expand differentiated specialty product portfolio in line with the growing trends of higher resolutions and larger-sized panels.
“With differentiated specialty products based on IPS technology, LG Display was able to lead the market and to achieve operating profit for four consecutive quarters overcoming seasonal factors,” said Dr. Sang Beom Han, CEO of LG Display. “Through continuous efforts to maximize customer value, we will further strengthen our leading position in the industry.”
The company shipped a total of 8.18 million square meters of net display area in the first quarter of 2013, an increase of 1% year-on-year.
TFT-LCD panels for TVs, monitors, notebook PCs, tablets and mobile applications accounted for 43%, 21%, 9%, 14% and 13%, respectively, on a revenue basis in the first quarter of 2013.
With 133% in liability to equity ratio, 110% in current ratio, and 16% in net debt to equity ratio as of March 31, 2013, the financial structure of the company remains stable.
