LG Display remains in red for 6th straight quarter

Seoul: LG Display reported sixth consecutive quarterly losses on Wednesday on sluggish demand stemming from a global economic slowdown, but the deficit decreased from the previous year and quarter.

South Korea's major panel maker said in a regulatory filing that its operating loss reached $491.2 million for the July-September period on a consolidated basis, compared with a loss of 759.3 billion won a year ago.

It logged a net loss of 775.4 billion won and revenue fell 29.3 percent on-year to 4.78 trillion won over the cited period, reports Yonhap news agency.

LG Display has been in the red for six consecutive quarters since posting an operating loss of 488.3 billion won in the second quarter of last year as a pandemic-driven boom in IT devices ended amid rising prices and interest rates.

But the losses have narrowed compared with the 1.1 trillion-won loss in the first quarter of this year and 881.5 billion won in the second quarter.

The company attributed the weak bottom line to a delayed recovery of panel demand and inventory adjustments in all industries amid macroeconomic uncertainties.

It said the quarterly losses improved on-year and on-quarter thanks to its efforts to strengthen the business structure and improve operational efficiency.

In the third quarter, panels for laptops and tablet PCs took up the biggest portion of LG Display's sales at 40 percent, followed by TV panels at 23 percent, panels for mobile devices at 28 percent and panels for automobiles at 9 percent.

LG Display said it expects to make a turnaround in the fourth quarter, led by rising demand for new mobile devices for the year-end season.