LG Display has posted operating loss of 517 billion won in the second quarter, the company said on Thursday.
However, the company said it saw panel shipment increase for mobile and TVs due to the COVID-19 pandemic, which led to a 12% increase in sales to 5.3 trillion won.
Loss for the quarter was worst than the previous quarter’s 361.9 billion won. LG Display said price drop of Liquid Crystal Displays (LCD) and readjustment of production schedules in reaction to the pandemic caused heavier losses.
Net loss stood at 503.8 billion won for the quarter.
LCD panels for IT products such as notebooks, tablets and monitors accounted for 52% of its sales, the South Korean display giant said. Those for handsets accounted for 25% and TVs 23%.
LG Display’s dept ratio stood at 190% and current ratio 81%.
The company said it will operate its OLED factory in Guangzhou, China, expand P-OLED aimed at smartphones and launch high-end LCD products to improve its earnings in the second half of the year.
LG will be producing large-sized OLED panels at both Guangzhou and Paju, South Korea, which will expand production capacity to 130,000 glass sheets per month, allowing to to react to rise in TV demand better, the company said.