SEOUL, Korea (Oct. 22, 2014) – LG Display reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending September 30, 2014.
◆ Revenues in the third quarter of 2014 increased by 9% to KRW 6,547 billion from KRW 5,979 billion in the second quarter of 2014 and decreased slightly from KRW 6,579 billion in the third quarter of 2013.
◆ Operating profit in the third quarter of 2014 was KRW 474 billion, a quarter-on-quarter increase of 191% from an operating profit of KRW 163 billion and a year-on-year increase of 22% from the operating profit of KRW 389 billion.
◆ EBITDA in the third quarter of 2014 was KRW 1,295 billion, a quarter-on-quarter increase of 28% from KRW 1,008 billion and a year-on-year increase of 1% from KRW 1,281 billion.
◆ Net income in the third quarter of 2014 was KRW 354 billion compared with net income of KRW 256 billion in the second quarter of 2014 and with net income of KRW 240 billion in the third quarter of 2013.
LG Display almost tripled its operating profit in the third quarter of 2014 compared to the previous quarter based on its product differentiation strategy and industry-leading technologies. The company posted its tenth straight quarterly operating profit at KRW 474 billion, a quarter-on-quarter increase of 191% and a year-on-year increase of 22%, driven by increased shipments of small- and medium-size panels such as high-resolution panels for mobile devices, and by an increased share of large-size panels due to the trend towards larger size TVs. In addition, seasonal demand growth and a favorable pricing trend in large-size panels improved the results.
“LG Display has been focusing on expanding its profit base through technology differentiation for each product segment and on strengthening its market position in the premium market,” said Sang-Beom Han, CEO of LG Display. “We will continue to generate profits with innovative technologies and products that will lead the market.”
LG Display shipped a total of 9.65 million square meters of net display area in the third quarter of 2014, an increase of 3% quarter-on-quarter. Average selling price per square meter (ASP/m2) increased by 7% to USD 658 due to increased shipments of small- and medium-size displays with higher average selling prices per area. TFT-LCD panels for TVs, mobile devices, monitors, tablets, and notebook PCs accounted for 42%, 19%, 17%, 12%, and 10% respectively on a revenue basis in the third quarter of 2014.
With 99% in liability to equity ratio, 116% in current ratio, and 19% in net debt to equity ratio as of September 30, 2014, the financial structure of the company remains stable.
