|LG Display, 2Q operating profit of 701.1 billion 'surprise performance'... maximum in 4 years|
LG Display recorded 'surprising results' (earnings surprise) thanks to the display boom in the second quarter of this year. It is the first time in four years since the second quarter of 2017 that LG Display's operating profit exceeded 700 billion won. Sales also achieved the highest performance in the second quarter of the year. Sales growth in the TV division, including OLED, and solid performance in IT led to overall profit improvement.
LG Display announced on the 28th that it recorded 6.96 trillion won in sales and 701.1 billion won in operating profit in the second quarter of this year.
Compared to the previous quarter, sales increased by 1% and operating profit increased by 34%. Compared to the same period last year, sales increased by 31% and operating profit improved by more than 1 trillion won. The operating profit margin in the second quarter was 10%, recovering to double digits for the first time in 16 quarters.
The EBITDA profit rate was 25.4% (EBITDA of 1.77 trillion won), the highest level since the third quarter of 2009, and the net profit was 423.8 billion won.
Major financial indicators showed continuous improvement, with a debt ratio of 164%, a current ratio of 96%, and a net debt ratio of 69%.
In terms of sales by product, IT panel accounted for the largest share at 39%, while the proportion of TV panel, which increased by 7% QoQ, and mobile panel, accounted for 23%.
By major business division, OLED TV shipments in the first half were 3.5 million units, which already exceeded 80% of last year's annual shipments.
LG Display plans to continuously strengthen the position of OLED TVs in the ultra-large market in the second half of the year and further expand the mid-size premium market. At the same time, we plan to discover and nurture high-margin, high-growth fields that can realize the unique value of OLED.