LG Display on the 23rd announced first-quarter results on a consolidation basis of 5.534 trillion won in revenue and 146.7 billion won in operating profit. Compared with a year earlier, revenue fell 9% and operating profit increased by 110 billion won (338%). Quarter over quarter, revenue and operating profit decreased 23% and 13%, respectively.
The company said operating profit surged 338%, marking a profit for the third straight quarter, driven by a business portfolio centered on organic light-emitting diode (OLED) and high-end strategic customers, cost-reduction technologies, and operational efficiency efforts.
EBITDA was 1.141 trillion won, with a margin of 20.6%. Despite seasonal off-peak conditions, the OLED share of revenue reached 60%, up 5 percentage points (p) from a year earlier. As a result, average selling price per area also rose 55% year over year.
Sales mix by product (based on revenue) was 16% for TV panels; 37% for IT panels, including monitors, notebook PCs, and tablets; 37% for mobile panels and other products; and 10% for automotive panels.
LG Display is focusing its capabilities on strengthening business competitiveness around OLED and accelerating cost innovation and operational efficiency to build a sustainable profit structure. For small-size business, the company plans to flexibly respond to customers' diverse technical needs based on technological leadership and stable supply capabilities, while efficiently utilizing existing production infrastructure to proceed with future preparations without disruption.
For mid-size business, the company plans to actively meet customer demand with tandem OLED, which has secured differentiated competitiveness as a more durable product, and with high-end liquid crystal display (LCD) technology, continuing to improve profitability centered on high value-added products. For large-size business, it will strengthen its premium lineup based on world-leading and first-ever technologies while also expanding products with enhanced price competitiveness.
Kim Sung-hyun, LG Display chief financial officer (CFO), said, "Amid ongoing uncertainty in the external environment, competitiveness in high-spec products where we have strengths is being reinforced, and technological barriers are rising as well," and added, "Through companywide efforts, we will strengthen technological differentiation to secure financial soundness and strive to achieve sustainable results that meet the expectations of the market and customers."