SEOUL, Korea (April 22, 2015) – LG Display reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2015.
◆ Revenue in the first quarter of 2015 decreased by 16% to KRW 7,022 billion from KRW 8,342 billion in the fourth quarter of 2014 and increased by 26% from KRW 5,588 billion in the first quarter of 2014.
◆ Operating profit in the first quarter of 2015 recorded KRW 744 billion, a quarter-on-quarter increase of 19% from an operating profit of KRW 626 billion and a year-on-year increase of 689% from the operating profit of KRW 94 billion in the first quarter of 2014.
◆ EBITDA in the first quarter of 2015 was KRW 1,595 billion, compared with EBITDA of KRW 1,532 billion in the fourth quarter of 2014 and with EBITDA of KRW 1,015 billion in the first quarter of 2014.
◆ Net income in the first quarter of 2015 amounted to KRW 476 billion, a quarter-on-quarter increase of 22% from KRW 389 billion in the fourth quarter of 2014 and a year-on-year improvement from a net loss of KRW 82 billion in the first quarter of 2014.
LG Display announced today its twelfth straight quarterly operating profit at KRW 744 billion and a quarterly revenue of KRW 7,022 billion, which is the company’s highest ever first quarter revenue.
Although the first quarter of the year is normally regarded as an off-season, LG Display was able to achieve higher-than-expected earnings results. This is mainly due to favorable market trends for large-sized TV panels based on stable demand continuing from the fourth quarter of 2014. In addition, the company’s continuous cost reduction efforts contributed to the results.
TFT-LCD panels for TVs accounted for 41% of revenue in the first quarter of 2015, mobile device panels for 25%, tablet PCs and notebook PCs 17%, and monitors 17%.
In case of the OLED panels, LG Display expects that OLED market growth will accelerate this year with technology developments and improvements in productivity. The company will solidify its leadership position and competitive advantage in the global display industry by targeting the high-end market with diversified OLED panel products and customer base while thoroughly building a firm foundation for the success of the OLED business.
With 84% in the liability-to-equity ratio, 129% in the current ratio, and 10% in the net debt-to-equity ratio as of March 31, 2015, the financial structure of the company remains stable.
