South Korean display panel maker LG Display said it planned to cut costs in the first half of this year after posting a record quarterly loss, as global demand for smartphones, computers and televisions remains depressed.
People visit the LG display at the international consumer technology fair IFA in Berlin, Germany September 2, 2022. REUTERS/Lisi NiesnerTo cut costs, manage inventory until demand recovers in H2SEOUL, Jan 27 - South Korean display panel maker LG Display
With the economic outlook uncertain, purchases of screens fell short of sales of tech devices as clients used up their inventories in the December quarter, a trend which is expected to continue in the first half, LG Display said. It flagged investments of only about 3 trillion won this year, compared to 5.2 trillion won in 2022, and said it will conservatively maintain existing production.
LG Display posted a 876 billion won operating loss for the October-December quarter, compared with a profit of 476 billion won in the same period a year earlier.
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