LG Display has reported its third straight quarterly loss due to feeble demand for TVs and delays in developing new tablet panels. The company said that it suffered a net loss of 129 billion won ($113 million) for the quarter, smaller than analyst expectations for a loss of 133 billion. It had a net loss of 115 billion won a year earlier. It also experienced an operating loss of 178.2 billion won ($156 million) over the same period, though revenue did rise 15.2 percent compared to last year totalling 6.18 trillion won ($5.4 billion).
The company said quarterly revenue increased 15.2 percent from a year earlier to 6.18 trillion won. However, the company expects a turnaround in the second quarter as TV makers are planning to increase their inventory ahead of global sports events such as the London Olympics. LG Display Chief Financial Officer James Jeong said: Delays in the development of new models resulted in a more than 4 percent decrease in overall shipments from the previous quarter whereas another LG official said a temporary production failure of tablet PC panels hit the company’s bottomline.