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By Yun Sang-ho

crow@ddaily.co.kr

[Digital Daily]

Seoul, Korea, January 27, 2021- LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 2020.

Revenues in the fourth quarter of 2020 increased by 11% to KRW 7,461 billion from KRW 6,738 billion in the third quarter of 2020 and increased by 16% from KRW 6,422 billion in the fourth quarter of 2019.

Operating profit in the fourth quarter of 2020 recorded KRW 685 billion. This compares with the operating profit of KRW 164 billion in the third quarter of 2020 and the operating loss of KRW 422 billion in the fourth quarter of 2019.

EBITDA in the fourth quarter of 2020 was KRW 1,774 billion, compared with EBITDA of KRW 1,288 billion in the third quarter of 2020 and with EBITDA of KRW 586 billion in the fourth quarter of 2019.

Net income in the fourth quarter of 2020 was KRW 621 billion, compared with the net income of KRW 11 billion in the third quarter of 2020 and the net loss of KRW 1,817 billion in the fourth quarter of 2019.

LG Display registered KRW 7,461 billion in revenues and KRW 685 billion in operating profit in the fourth quarter of 2020.

The company's revenues increased by 11% quarter-on-quarter and by 16% year-on-year. Its operating profit rose by 318% quarter-on-quarter and returned to the black year-on-year.

As the global work-from-home situation continued in the fourth quarter, demand for TV and IT products remained strong and shipments for both large-size OLED and P-OLED increased meaningfully. Due to this trend, LG Display's panel area shipment increased by 5% quarter-on-quarter and its ASP per square meter soared by 12% over the same period, driving the increase in revenues.

LG Display saw the increase in operating profit in the quarter thanks to the favorable trends of strong shipments and increasing panel prices. In addition, its three strategic tasks of OLED global trendsetting, stabilizing its P-OLED business, and realizing the structural innovation of the LCD business, gradually turned into achievements. The company's meaningful performance was driven in particular by the Guangzhou OLED plant going into full-scale production, resulting in the expansion of OLED TV shipments, as well as the P-OLED business and production stabilization. In addition, LCDs for IT and TV products, which are continuing to generate results with differentiated competitiveness, also contributed to profit improvement.

Panels for IT devices accounted for 37% of the revenues in the fourth quarter of 2020, panels for TVs accounted for 29%, and those for mobile and other devices accounted for 34%.

LG Display recorded KRW 621 billion in net income and KRW 1,774 billion in EBITDA along with an EBITDA margin of 24% in the quarter.

'We achieved our fourth quarter results backed by responding quickly to the contactless market situation as well as improving revenues in OLED,' said Dong-hee Suh, CFO and Senior Vice President of LG Display.

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