14 DAY TRIAL // It appears that LG did not do as well as it could have during the fourth quarter of 2010, in terms of finances at least, largely due to fines and what the company CEO calls sharp changes in market conditions.
Since so many other companies have been posting their quarterly results for the fourth three-month period of 2010, it is not surprising to hear that LG Display has done so as well.
Unlike others, however, LG Display did not exactly grow during that time, having, instead, scored a single-digit loss as far as revenues go, 3% that is, or so says a certain report.
The operating loss was of KRW387 billion, a fairly stark contrast to the operating profits of KRW182 billion in Q3 and KRW313 billion in Q4 2009.
This led to a net loss of KRW268 billion in the October-December period, after profits of KRW224 in Q3 2010 and KRW502 billion in Q4 2009.
“There were sharp changes in market conditions mainly owing to inventory adjustment by several customers and distribution channels in the latter half of last year,” said Young Soo Kwon, CEO of LG Display.
“But on the contrary, LG Display was able to attain stable earnings by expanding its market share and the proportion of premium products as we gained recognition from customers and the market with our differentiated technological capabilities, including IPS (In-Plane Switching),” he added.
“Despite the current challenges in the LCD industry, we are carrying out proactive management activities based on differentiated products and confidence. Recently, we strengthened our partnership with customers worldwide with the launching of FPR 3D panels that are comfortable on the eyes," the CEO concluded.
Fortunately, the annual sales did not suffer overmuch, having actually scored a record high of KRW25.51 trillion, 27% more than the KRW20.04 trillion in 2009.