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(LEAD) LG Display Q4 net down 70.8 pct on falling LCD panel prices, one-off costs

All News 16:59 January 26, 2022

(ATTN: RECASTS throughout with more details; CHANGES headline; ADDS photo)

SEOUL, Jan. 26 (Yonhap) -- LG Display Co., a South Korean major display panel maker, said Wednesday that its fourth quarter net income dropped 70.8 percent from a year earlier on declining LCD TV panel prices and one-off cost factors.

Net profit for the three months ended in December came to 179.5 billion won (US$149.9 million) from 621 billion won a year earlier, the company said in a regulatory filing.

Operating income for the October-December period fell 29.7 percent on-year to 476.4 billion won, 21.6 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The company did not specify what caused the one-off costs.

Revenue increased 17.5 percent to 8.8 trillion won.

This file photo provided by LG Display Co. on Dec. 27, 2021, shows its Virtual Ride. (PHOTO NOT FOR SALE) (Yonhap)

This file photo provided by LG Display Co. on Dec. 27, 2021, shows its Virtual Ride. (PHOTO NOT FOR SALE) (Yonhap)

For the whole of 2021, the company recorded an operating profit of 2.23 trillion won, swinging to profit for the first time since 2018 on the back of the turnaround in the OLED business and business restructuring.

LD Display said it will continue making restructuring efforts to strengthen its profitable OLED and POLED businesses to offset declines in LCD revenue and further boost profit.

The display maker shipped 8 million OLED display panels last year and expected to pump up production to 10 million this year.

As part of efforts to maintain its leading position in the industry, the company said it will expand the adoption of the newest OLED TV technology, OLED.EX, which it said delivers better picture quality by enhancing brightness up to 30 percent compared to conventional OLED displays.

LG Display is the world's sole supplier of large-size OLED panels for TVs, but it showed relatively weak competitiveness in the medium-and-small sized OLED sector. In August last year, the company said it will invest 3.3 trillion won in the sector to boost its production capacity.

jaeyeon.woo@yna.co.kr
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