LG Display Co. said Wednesday its net loss narrowed in the third quarter due mainly to increased production of premium organic light-emitting diode (OLED) displays.
According to a regulatory filing, the company recorded a net loss of 338.1 billion won (US$244.8 million) on a consolidated basis during the July-September period, compared with a loss of 1.57 trillion won a year ago.
In terms of operating profit, LG Display logged a loss of 80.6 billion won, down from a loss of 662.1 billion won last year. Sales climbed 42.5 percent to 6.82 trillion won.
The operating loss was 7.1 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
LG Display said it has focused on expanding its business structure and improving operational efficiency. Efforts to streamline workforce management also had an impact on its performance.
The proportion of OLED products in total sales increased by 16 percentage points year-on-year to 58 percent.
In terms
of product types, TV panel products accounted for 23 percent, while those for PC monitors and laptops accounted for 33 percent.
The company said it plans to enhance its performance by improving its business structure around OLED, focusing on operational efficiency and cost innovation to boost profitability.
Source: Yonhap News Agency