South Korea’s flat-screen maker LG Display Co. said Thursday it remained in the red in the first quarter of this year but the deficit narrowed on its cost-saving efforts.

Its operating loss reached 469.4 billion won (US$341.1 million) for the January-March period, compared with a loss of 1.09 trillion won a year earlier, according to the company in a regulatory filing.

LG Display posted operating profit in the fourth quarter of 2024 after six consecutive quarterly losses.

Its sales jumped 19.1 percent on-year to 5.25 trillion won for the three-month period, while its net loss reduced to 761.3 billion won from 1.15 trillion won.

The operating loss was 20.7 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

LG Display said its weak bottomline is attributable to low seasonal cycles in the first quarter.

But the quarterly loss reduced from a year ago as its efforts to change its business portfolio focusing on organic light emittin
g diode products and strict cost-saving activities.

The company said its first-quarter sales rose thanks to an increase in shipments of TV and monitor panels.

Sales of screens for IT products like monitors, laptops and tablets accounted for 40 percent of the company’s total sales for the January-March period, followed by mobile displays and others with 28 percent and TV panels with 22 percent.

LG Display said it will expand the production of premium panels for TV, IT, mobiles and automobiles and streamline its cost structure in a way to improve its balance sheet.

Source: Yonhap News Agency