SEOUL, Korea (Apr. 25, 2024) – LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2024.
◆ Revenues in the first quarter of 2024 decreased by 29% to KRW 5,253 billion from KRW 7,396 billion in the fourth quarter of 2023 and increased by 19% from KRW 4,411 billion in the first quarter of 2023.
◆ Operating loss in the first quarter of 2024 was KRW 469 billion. This compares with the operating profit of KRW 132 billion in the fourth quarter of 2023 and with the operating loss of KRW 1,098 billion in the first quarter of 2023.
◆ EBITDA profit in the first quarter of 2024 was KRW 810 billion, compared with EBITDA profit of KRW 1,272 billion in the fourth quarter of 2023 and with EBITDA loss of KRW 80 billion in the first quarter of 2023.
◆ Net loss in the first quarter of 2024 was KRW 761 billion, compared with the net income of KRW 51 billion in the fourth quarter of 2023 and with the net loss of KRW 1,153 billion in the first quarter of 2023.
LG Display recorded KRW 5.253 trillion in revenues and KRW 469 billion in operating loss in the first quarter of 2024.
Revenues fell quarter-on-quarter due to slow seasonality but rose 19% year-on-year as shipments of panels for TVs and monitors expanded and mass production of OLEDs for IT devices began.
Meanwhile, LG Display reduced its losses compared with the same period last year by continuously advancing its OLED-centered business structure and implementing intense cost-reduction activities.
Panels for TVs accounted for 22% of revenues in the first quarter. Panels for IT devices, including monitors, laptops, and tablet PCs, accounted for 40%, while panels for mobiles and other devices accounted for 28%, and panels for automobiles accounted for 10%.
LG Display plans to expand the proportion of high value-added products in all areas of its business, including TV, IT, mobile, and automotive panels, while continuing efforts to improve its cost structure and operational efficiency, and focusing on strengthening its business performance and earnings.
Regarding the large-sized OLED business, LG Display is aiming to solidify its OLED leadership position in the premium TV market. In order to achieve this goal, the company will expand its customer base centered around ultra-high definition and ultra-large-sized OLED TV panels featuring “META Technology 2.0,” which increases screen brightness by about 42% compared with conventional OLED TV panels. It will also expand its portfolio of high value-added products such as gaming monitors and deploy cost innovation efforts.
In the small- and mid-sized OLED business, mass production of OLED panels for IT devices has been carried out without a hitch based on LG Display’s stable supply capabilities and technological leadership through innovations such as Tandem OLED technology with excellent durability and performance including long life, high luminance, and low power consumption. In the case of OLED panels for mobile devices, the company plans to grow shipments by actively utilizing its expanded production capacity and continue to increase its market share in the high-end market.
In the automotive display business, LG Display will maintain efforts to strengthen its status as the world’s leading company by expanding its customer base and growing orders and sales based on its competitive advantages in differentiated products and technologies such as Tandem technology-based P-OLED, Advanced Thin OLED (ATO), and high-end LTPS LCDs.
“Despite the continued uncertainty and volatility of the market and external environment, we will increase the proportion of high-end products and focus our company’s capabilities on improving our cost structure and enhancing operational efficiency to strengthen our business competitiveness as well as future business base and secure a stable profit structure,” said Sung-hyun Kim, CFO and Executive Vice President at LG Display.
