LG Display today(24,Jan) reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 2017.
Revenues in the fourth quarter of 2017 increased by 2% to KRW 7,126 billion from KRW 6,973 billion in the third quarter of 2017 and decreased by 10% from KRW 7,936 billion in the fourth quarter of 2016.
Operating profit in the fourth quarter of 2017 recorded KRW 45 billion, a quarter-on-quarter decrease of 92% from the operating profit of KRW 586 billion in the third quarter of 2017 and a year-on-year decrease of 95% from the operating profit of KRW 904 billion in the fourth quarter of 2016.
EBITDA in the fourth quarter of 2017 was KRW 930 billion, compared with EBITDA of KRW 1,420 billion in the third quarter of 2017 and with EBITDA of KRW 1,623 billion in the fourth quarter of 2016.
Net income in the fourth quarter of 2017 was KRW 44 billion, a quarter-on-quarter decrease of 91% from the net income of KRW 477 billion in the third quarter of 2017 and a year-on-year decrease of 95% from the net income of KRW 825 billion in the fourth quarter of 2016.
LG Display recorded its 23rd straight quarterly operating profit while surpassing KRW 1 trillion in annual operating profit for the fifth consecutive year. This achievement resulted from a differentiated product mix strategy and the company’s industry-leading technologies amid a continued downward trend in panel prices and an unfavorable foreign exchange rate.
Despite intensified global competition in the industry and the continued decline in panel prices that started in the second half of 2017, LG Display achieved a record-high annual operating profit of KRW 2.5 trillion by expanding the portion of differentiated products such as large-size UHD TV panels as well as high-resolution and high-end IT panels.
In the meantime, LG Display solidified its OLED business by increasing its annual OLED TV panel shipments to 1.7 million units by achieving stable productivity as well as expanding its customer base in the large-size OLED business. The company also started operation at its E5 production line, which produces small and mid-size OLED panels.
LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies, including thin-film transistor liquid crystal (TFT-LCD) and OLED displays, as well as the global pioneer in OLED lightning. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, and various other applications, including tablets and mobile devices. It also produces a wide range of OLED light panels for the automotive and interior design sectors. (Todd)