South Korean flatscreen maker LG Display said Wednesday it has narrowed yearly losses in 2024 and posted a first quarterly turnaround in the October-December period, thanks to its strategic shift to more profitable organic light-emitting diode panels.
In a regulatory filing, LG reported it posted a revenue of 26.6 trillion ($18.3 billion) in 2024, which grew 24.8 percent when compared to the year earlier, while the operating loss stood at 560.6 billion won, down 77.7 percent on-year. Net loss logged 2.4 trillion won, edging down from 2.5 trillion won in 2023.
“Sales growth (in 2024) from the previous year is driven by advancing its business structure with a focus on OLED,” the company said in the statement.
“The company also reduced losses by implementing structural cost-cutting measures and enhancing operational efficiency, leading to a significant reduction in its deficit.”
Up until the third quarter of 2024, the accumulated sales and operating loss stood at 18.7 trillion won and 643.7 billion won, respectively.
In the fourth quarter of the year, the display maker earned 7.8 trillion won in revenue and 83.1 billion won in operating profit. It is the first time in a year that the company has achieved a quarterly profit since posting an operating profit of 131.7 billion won in the fourth quarter of 2023.
In a move to shift its focus from the increasingly competitive liquid-crystal display to the more advanced OLED panels, the display maker sold liquid-crystal display panels and module factories in China to a Chinese counterpart for 2 trillion won last September.
The company is expected to provide details on fourth-quarter and full-year earnings in a conference call on Jan. 22.
