ALBAWABA - LG Display recorded losses of 1.1 trillion Korean won ($823 million) due to operating losses in the period from January to March, compared with profits of 38 billion won ($28.5 million) generated in the previous year.
LG Display's loss exceeded the expectations of 18 analysts surveyed by Refinitiv SmartEstimate. The pundits had predicted the company's losses at 660 billion won ($494 million).
Revenues also decreased by about a third, reaching 4.4 trillion won ($3.3 billion), the company said in a report.
The firm said that electronic device manufacturers relied on their inventories during the first quarter as demand for such products dwindled.
LG Display's CFO Song Hyun-ki said: "We are currently at our lowest level in the first half, and we plan to achieve a turnaround in the second half of the year as the industry replenishes its inventory."
LG Display plans to increase its production volume, based on pre-orders to account for over 70 percent of its sales in the coming years.
The move will reduce reliance on short-term sales and mitigate the impact of market fluctuations, the firm predicted.
