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SEOUL -- Alarmed by unexpected losses in the first quarter of this year, LG Display, one of the world's largest flat panel makers, declared a campaign to cut costs and adjust investments aimed at accelerating the production of organic light-emitting diode (OLED) panels.
In the January-March period, LG Display posted a net loss of 48.9 billion won (45.5 million US dollars), compared with a profit of 679 billion won a year earlier. It recorded an operating loss of 98.3 billion won, compared with a profit of one trillion won last year, while sales fell 19.6 percent one-year to 5.67 trillion won.
The company attributed its first-quarter loss to falling prices of LCD panels, unfavorable foreign-exchange conditions and seasonally low demand.
A fall in LCD TV prices has been anticipated as China embarked on the mass-production of flat-panel TVs.
"Although the market has changed more rapidly than expected, it is within the scope of our preparations," Chief Financial Officer Kim Sang-don said, vowing to adjust investments and cut costs.
He predicted a better environment in the second quarter due to major sports events and rising demand for larger OLED products. The company has vowed to focus on OLED products.
Lim Chang-won Reporter cwlim34@ajunews.com
Lim Chang-won cwlim34@ajunews.com
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