Seoul: LG Display Co. announced a return to profitability in the third quarter, driven by strong shipments of organic light-emitting diode (OLED) panels across various sectors. The company reported a net profit of 1.2 billion won (US$875,641) for the July-September period, recovering from a loss of 338.1 billion won in the same quarter last year.
According to Yonhap News Agency, LG Display's operating profit for the third quarter reached 431 billion won, contrasting with a loss of 80.6 billion won a year ago. Sales increased by 2 percent, totaling 6.95 trillion won. Despite the positive results, the operating profit was 3 percent below market expectations, as indicated by a Yonhap Infomax survey. The market estimate for net profit was not available.
The company's accumulated operating income for the first nine months of the year amounted to 348.5 billion won, indicating a possible annual turnaround for the first time since 2021. OLED products constituted 65 percent of LG Display's total sales in the third quarter, marking a new record for the company.
LG Display expressed intentions to continue expanding sales of premium OLED products to further enhance profitability. Chief Financial Officer Kim Sung-hyun stated that despite ongoing uncertainties and external volatility, the company is strategically focusing on selective businesses to improve its performance. Kim emphasized that the potential for an annual turnaround has become apparent, and LG Display will persist in efforts to boost profitability through its enhanced business capacity.