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LG Display said Tuesday it posted 6.18 trillion won ($5.41 billion) in sales and 178.2 billion won in operating losses for the first quarter, recording a bigger loss due to decreased shipments stemming from low demand and new product development.
In its quarterly regulatory filing, the company said its operating loss widened from 145 billion won in the final quarter of last year, while its quarterly net loss reached 129.2 billion won from January-March.
The firm’s total sales figure also went down 6 percent from 6.61 trillion won in the previous quarter, its officials said.
The total units of liquid-crystal displays sold shrunk 4 percent in the first quarter with the average price for flat-panel decreasing about 2 percent to record $669 during the period, its officials said.
“Opportunity loss took up most of the operating loss for the first quarter and this occurred from a delay in our new product development schedule,” said the firm’s chief financial officer Jeong Ho-young.
Of the total product sales, the portion of tablet PC display sales dropped to 5 percent in the first quarter, down from 9 percent in the fourth quarter of 2011. The company experienced difficulties in supplying display panels for Apple’s latest iPad in the first quarter due to quality issues.
“We plan to make no compromises in terms of product quality,” he said.
In a related effort, the firm’s chief executive Han Sang-beom said it will take the lead in the market with the differentiated items and get back into the black in the next quarter as the market is also brightening.
Industry sources also stated the firm is expected to climb back into the black in the second quarter with its supply of displays for Apple’s new iPad and the improving industrial conditions.
“The Korean display makers have already reached a high operating rate in their manufacturing plants and their panel supply is projected to head uphill in the second quarter, which is a high-demand season,” said Daishin Securities analyst Kang Jung-won.
By Cho Ji-hyun (sharon@heraldcorp.com)
In its quarterly regulatory filing, the company said its operating loss widened from 145 billion won in the final quarter of last year, while its quarterly net loss reached 129.2 billion won from January-March.
The firm’s total sales figure also went down 6 percent from 6.61 trillion won in the previous quarter, its officials said.
The total units of liquid-crystal displays sold shrunk 4 percent in the first quarter with the average price for flat-panel decreasing about 2 percent to record $669 during the period, its officials said.
“Opportunity loss took up most of the operating loss for the first quarter and this occurred from a delay in our new product development schedule,” said the firm’s chief financial officer Jeong Ho-young.
Of the total product sales, the portion of tablet PC display sales dropped to 5 percent in the first quarter, down from 9 percent in the fourth quarter of 2011. The company experienced difficulties in supplying display panels for Apple’s latest iPad in the first quarter due to quality issues.
“We plan to make no compromises in terms of product quality,” he said.
In a related effort, the firm’s chief executive Han Sang-beom said it will take the lead in the market with the differentiated items and get back into the black in the next quarter as the market is also brightening.
Industry sources also stated the firm is expected to climb back into the black in the second quarter with its supply of displays for Apple’s new iPad and the improving industrial conditions.
“The Korean display makers have already reached a high operating rate in their manufacturing plants and their panel supply is projected to head uphill in the second quarter, which is a high-demand season,” said Daishin Securities analyst Kang Jung-won.
By Cho Ji-hyun (sharon@heraldcorp.com)
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Articles by Korea Herald
