LG Display, the world’s leading innovator of display technologies, reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending September 30, 2013.
◆ Revenues in the third quarter of 2013 decreased by 13% to KRW 6,579 billion from KRW 7,593 billion in the third quarter of 2012 and increased by 0.1% from KRW 6,572 billion in the second quarter of 2013.
◆ Operating profit in the third quarter of 2013 was KRW 389 billion, a year-on-year increase of 31% from the operating gain of KRW 297 billion and a quarter-on-quarter increase of 6% from the operating gain of KRW 366 billion.
◆ EBITDA in the third quarter of 2013 was KRW 1,281 billion, a year-on-year decrease of 14% from KRW 1,485 billion and a quarter-on-quarter decrease of 3% from KRW 1,325 billion.
◆ Net income in the third quarter of 2013 was KRW 239 billion compared with net income of KRW 158 billion in the third quarter of 2012, and net income of KRW 105 billion in the second quarter of 2013.
LG Display posted a quarter-on-quarter growth both in revenues and in operating profit in the third quarter of 2013 driven mainly by an increase in shipments of mid- to small-sized specialty products and the company’s ongoing efforts to reduce costs, despite a decline in panel prices and slowing demand amid TV manufacturers’ conservative inventory management.
“With differentiated specialty products based on our competitive technologies, LG Display was able to lead the market and to achieve growth in both revenues and operating profits even under difficult market conditions,” said Dr. Sang Beom Han, CEO of LG Display. “LG Display will continue to focus on strengthening our competitiveness as an industry leader while enhancing our fundamental capability to successfully deal with any market changes.”
The company shipped a total of 8.78 million square meters of net display area in the third quarter of 2013, a slight decrease of 1% quarter-on-quarter.
TFT-LCD panels for TVs, monitors, mobile applications, notebook PCs, and tablets accounted for 44%, 20%, 15%, 11% and 10%, respectively, on a revenue basis in the third quarter of 2013.
With 110% in liability to equity ratio, 113% in current ratio, and 13% in net debt to equity ratio as of September 30, 2013, the financial structure of the company remains stable.
