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PR LG Display Reports Second Quarter 2024 Results
SEOUL, Korea (Jul. 25, 2024) – LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending June 30, 2024.
- Revenues in the second quarter of 2024 increased by 28% to KRW 6,708 billion from KRW 5,253 billion in the first quarter of 2024 and rose by 42% from KRW 4,739 billion in the second quarter of 2023.
- Operating loss in the second quarter of 2024 was KRW 94 billion. This compares with the operating loss of KRW 469 billion in the first quarter of 2024 and with the operating loss of KRW 881 billion in the second quarter of 2023.
- EBITDA profit in the second quarter of 2024 was KRW 1,287 billion, compared with EBITDA profit of KRW 810 billion in the first quarter of 2024 and with EBITDA profit of KRW 130 billion in the second quarter of 2023.
- Net loss in the second quarter of 2024 was KRW 471 billion, compared with the net loss of KRW 761 billion in the first quarter of 2024 and with the net loss of KRW 699 billion in the second quarter of 2023.LG Display recorded KRW 6.708 trillion in revenues and KRW 94 billion in operating loss in the second quarter of 2024.
Revenues increased 28% quarter-on-quarter and 42% year-on-year, growing in all areas of its business, including TV, IT, mobile, and automotive displays. In particular, the proportion of OLED products rose by 10%p year-on-year to make up 52% of revenues.
Profitability improved significantly through the achievement of an advanced business structure, including the start of full-scale mass production of OLED panels for IT products, the expansion of large-sized OLED panel production, and the impact of favorable exchange rates.
Panels for TVs accounted for 24% of revenues in the second quarter. Panels for IT devices, including monitors, laptops, and tablet PCs, accounted for 44%, while panels for mobiles and other devices accounted for 23%, and panels for automobiles accounted for 9%.
LG Display plans to focus its capabilities on securing a stable profit structure and create differentiated customer value by continuing to advance its business structure in order to strengthen its OLED-oriented business competitiveness and expand the proportion of its high value-added products, as well as increasing the company’s responsiveness to market conditions through operational efficiency.
Regarding its large-sized OLED business, LG Display is aiming to further strengthen its position in the premium TV market by expanding its differentiated and high-end product lineups based on close collaboration with customers as well as securing profitability through product competitiveness and cost innovation.
In the small- and mid-sized OLED business, the company plans to increase its share in the high-end market by expanding panel shipments compared to the previous year based on the active utilization of its enhanced capability and capacity to produce OLED panels for mobile devices. In regard to OLED panels for IT devices, it has started stable mass production and smooth shipments of Tandem OLED for IT products, which feature excellent durability and performance including long life, high luminance, and low power consumption.
As for the automotive display business, LG Display seeks to strengthen its position as the world's leading player in the market by continuously expanding its orders and customer base. The company is aiming to achieve this by using its differentiated products and technologies such as Tandem technology-based P-OLED, Advanced Thin OLED (ATO), and high-end LTPS LCDs, as well as leveraging solid customer relationships.
Regarding its LCD business for IT products, the company will continue to enhance profitability by focusing on high-end products such as those featuring low power consumption along with differentiated design and picture quality.
"We are improving our performance and solidifying our financial stability year-on-year through the advancement of our business structure, cost structure improvement, cost innovation, and operational optimization activities," said Sung-hyun Kim, CFO and Executive Vice President of LG Display. Kim added, "Although we expect ongoing uncertainty and volatility in the market and external environment in the second half of the year, we will continue to expand our business structure advancement and to improve our performance through operational efficiency."
2024-07-25 -
PR
LG Display’s OLED TV panels proven to ‘Sleep Friendly’ supporting body and eye health
SEOUL, Korea (July 22, 2024) – LG Display, the world’s leading innovator of display technologies, announced today that its OLED TV panels have been confirmed to be excellent for helping viewers maintain healthy sleep patterns.
The company recently completed a clinical study to verify the impact of TV panels on sleep, in conjunction with researchers from Seoul’s Kookmin University. During the two-week study, they measured levels of the sleep-inducing hormone melatonin in 40 adult men and women divided into groups watching the same content on either LCD or OLED TVs.
While the LCD TV group's melatonin secretion fell 2.7% over two hours, it increased 8.1% in the OLED TV group.
The human body needs melatonin to rise in the evening to prepare for sleep. However, blue light emitted from displays is known to disturb melatonin secretion, potentially leading to sleep disorders.
In general, LCD panels emit 70-80% blue light due to their continuous reliance on a strong backlight, compared with just 36% blue light from LG Display's self-emissive, and therefore backlight-less, OLED TV panels.
"In addition to minimizing the negative impact on melatonin secretion during viewing time, OLED TVs have been shown to be effective in maintaining viewers’ healthy sleep patterns through greater activation of their parasympathetic nerves, which are responsible for feelings of comfort," said Prof. Kim Chang-wook, who led the research team.
The results of the study confirm previous recognition of LG Display’s OLED panels as supportive of eye and body health, including being optimized to protect viewers’ circadian rhythms. Last year, the company’s OLED TV and monitor panels were the first in the industry to be certified as “Circadian Friendly” by TÜV Rheinland, a leading global independent testing, inspection and certification body.
Moreover, with the lowest level of blue light emissions among all existing TV panels and absence of screen flicker, a phenomenon that can cause vision loss, the company’s OLED TV panels have earned the “Eyesafe” certification created by U.S.-based Eyesafe in association with TÜV Rheinland, along with “Flicker Free” and “Discomfort Glare Free” verifications from UL, a leading global safety science company.
"We will introduce products and technologies that can provide differentiated customer value based on OLED panels that are safe for the human body while offering the best image quality," said Soo-young Yoon, CTO & Executive Vice President at LG Display.
2024-07-22 -
PR
LG Display Starts Mass Production of Industry’s First Tandem OLED for Laptops
SEOUL, Korea (June 24, 2024) – LG Display, the world’s leading innovator of display technologies, announced today that it has started mass production of the industry’s first 13-inch Tandem OLED panel for laptops.
The company is targeting the OLED market with the higher performance and lower power consumption of Tandem OLED technology. First commercialized by LG Display in 2019, Tandem OLED’s advantages are achieved by combining two stacks of red, green, and blue (RGB) organic light emitting layers. Working together in tandem, these layers offer superior durability and performance compared to single-layer OLED panels, including a longer life span and higher brightness.
Tandem OLEDs were first applied to automotive OLEDs, which have particularly high quality standards, to disperse energy and allow them to operate more reliably for longer periods of time. They are also considered optimal for IT products that require a relatively high amount of screen time, such as laptops, monitors, and tablets.
Now applied to laptops for the first time, LG Display’s new Tandem OLED panel has been tailored for laptop use. It can deliver double the lifespan and triple the brightness of a conventional single-layer OLED display, while reducing power consumption by up to 40%, making it ideal for high-performance IT devices like AI laptops as well as regular laptops.
By designing the components and enhancing the structure of the 13-inch Tandem OLED panel, LG Display has been able to make it around 40% thinner and 28% lighter than existing OLED laptop screens, enabling sleek design and greater portability.
The new panel combines convenience and performance with high definition. It boasts a WQXGA+ (2880x1800) high resolution and accurate color expression that meets 100% of the DCI-P3 standard color area established by the Digital Cinema Initiatives (DCI), allowing high-definition content to be presented with increased clarity.
With OLED’s characteristic self-emissive pixels and infinite contrast ratio, it has also been certified as Display HDR (High Dynamic Range) True Black 500 by the Video Electronics Standards Association (VESA). This confirms its ability to show both bright and dark images so well that it enhances their three-dimensionality and produces a display quality that is as close as possible to what the human eye naturally sees.
In addition, LG Display embedded a touch sensor inside the panel to improve touch performance and realized a highly sensitive total touch solution. As a result, it provides a precise touch experience.
"We will continue to strengthen the competitiveness of OLED products for IT applications and offer differentiated customer value based on distinctive strengths of Tandem OLED, such as long life, high brightness, and low power consumption," said Jae-Won Jang, Vice President and Head of the Medium Display Product Planning Division at LG Display.
2024-06-24