LG Display posts steep loss for 2019
LG Display reported an operating loss of 1.36 trillion won for the full year of 2019.
Net loss amounted to almost 2.9 trillion won while revenue fell 4% to 23.5 trillion won, the South Korean display panel maker said.
For the fourth quarter, LG Display reported an operating loss of 422 billion won, going from being in the black into the red over the span of a year.
The steep decline was caused by the downturn in the LCD market coupled with restructuring costs.
Profitability was further aggravated by increased costs for the production of plastic OLEDs aimed at mobile devices, the company said.
See also: LG's 2019 profit saved by home appliance business
LG Display said it expects "meaningful improvements" in the second half of 2020 however, as its factory in China -- that produces OLED display panels -- will expand production and contribute to more sales.
The company CEO previously told reporters at CES that the company expects to ship 6 million OLED TV panels in 2020.
The mobile OLED arm of LG Display, meanwhile, has secured a "strategic customer base" and will contribute to profits going forward, it added.
LG Display didn't name its client but it is a likely reference to Apple, which has increasingly adopted more OLED panels for its iPhones.
For LCDs, the company said it plans to focus on those aimed at mobile, automobile, and commercial applications, while major sporting events such as the upcoming Olympic Games may help stabilise pricing throughout the year.
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