LG Display Co. posted improved financial results for the third quarter as the South Korean panel maker’s push into OLED technology began showing results. The company reported an operating loss of 81 billion won ($60 million), significantly lower than the 662 billion won loss a year earlier.
Revenue climbed 43% to 6.82 trillion won ($5.1 billion) from the previous year, driven by increased shipments of small-sized panels for mobile devices. OLED products now account for 58% of the company’s sales, up 16 percentage points from last year.
The display maker’s portfolio shift comes as traditional LCD panel prices remain under pressure from Chinese competitors. TV panels contributed 23% of revenue, while IT devices including monitors and laptops made up 33%. Mobile and other devices generated 36% of sales, with automotive displays accounting for 8%.
Despite the improved performance, LG Display still posted a net loss of 338 billion won ($252 million) for the quarter. The company cited one-off costs related to workforce restructuring efforts, while maintaining that its focus on operational efficiency and cost innovation is showing results.
CFO Sung-hyun Kim indicated market uncertainty and demand volatility would persist, though the company expects gradual improvement through its restructuring initiatives.
