LG Display reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending September 30, 2015.
- Revenue in the third quarter of 2015 increased by 7% to KRW 7,158 billion from KRW 6,708 billion in the second quarter of 2015 and increased by 9% from KRW 6,547 billion in the third quarter of 2014.
- Operating profit in the third quarter of 2015 recorded KRW 333 billion, a quarter-on-quarter decrease of 32% from an operating profit of KRW 488 billion, and a year-on-year decrease of 30% from the operating profit of KRW 474 billion in the third quarter of 2014.
- EBITDA in the third quarter of 2015 was KRW 1,178 billion, compared with EBITDA of KRW 1,347 billion in the second quarter of 2015 and with EBITDA of KRW 1,295 billion in the third quarter of 2014.
- Net income in the third quarter of 2015 amounted to KRW 198 billion, a quarter-on-quarter decrease of 45% from KRW 363 billion in the second quarter of 2015, and a year-on-year decrease of 44% from KRW 354 billion in the third quarter of 2014.
LG Display announced today its fourteenth straight quarterly operating profit at KRW 333 billion and quarterly revenue of KRW 7,158 billion due to its continuous differentiated strategy efforts in response to reduced demand among TV set manufacturers and price declines for displays.
Despite weaker market demand due to uncertainty in the global economy, LG Display was able to report its fourteenth straight quarterly operating profit because of a continued market trend towards large-sized TVs and increased demand for differentiated products such as Ultra HD and IPS displays.
TFT-LCD panels for TVs accounted for 39% of revenue in the third quarter of 2015, mobile device panels for 27%, tablet PCs and notebook PCs 18%, and monitors 16%.
With 83% in the liability-to-equity ratio, 143% in the current ratio, and 14% in the net debt-to-equity ratio as of September 30, 2015, the financial structure of the company remains stable.
Outlook
The following forecast is based on information as of October 22, 2015. The Company does not expect to update its estimates until the next quarter’s earnings announcement. However, the Company reserves the right to update its full business outlook, or any portion thereof, at any time and for any reason.
Mr. Don Kim, CFO of LG Display said “Total net display area shipments in the fourth quarter are expected to increase by a low single digit percentage compared to the third quarter due to seasonal factors expected at the year end, and although the supply of products and sizes may vary, the downturn trend in panel prices is expected to slow. We will continue to achieve profits through a differentiated strategy mainly due to Ultra HD, AIT and M+ products and a thorough preparation for the OLED market.”
Earnings Conference and Conference Call
LG Display will hold a Korean language earnings conference on October 22, 2015 at 4:00 p.m. Korea Standard Time at the Auditorium (B1), Twin Towers, East Tower, Yeouido, Seoul, Korea. An English language conference call will follow on October 23 at 10:30 a.m. Korea Standard Time. (9:30 p.m. EST, 2:30 a.m. GMT ) The call-in number is +82 (0)31-810-3061 both for callers in Korea and callers outside of Korea. The confirmation number is 9999#. Corresponding slides will be available at the Investor Relations section of the LG Display web site: www.lgdisplay.com.
Investors can listen to the conference call via the Internet at www.lgdisplay.com. To listen to the live call, please go to the Investor Relations section of the web site at least 15 minutes prior to the call to register and install any necessary audio software.
For those who are unable to participate in the call, a replay will be available for 30 days after the call. The call-in number is +82 (0)31-931-3100 both for callers in Korea and callers outside of Korea. The confirmation number for the replay is 109581#. Please receive your personal pin code prior to the conference call at http://pin.teletogether.com/eng; please key in 9999 on the main page to receive a personal pin code.
About LG Display
LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies including thin-film transistor liquid crystal display (TFT-LCD) panels, OLEDs, and flexible displays. The company manufactures and provides TFT-LCD panels in a broad range of sizes and specifications for use in TVs, monitors, notebook PCs, and various other applications including mobile devices and tablets. LG Display currently operates fabrication facilities in Korea and China, andback-end assembly facilities in Korea, China and Poland. The company has a total of 50,000 employees operating worldwide. Please visit www.lgdisplay.com for more information.
