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LG Display has managed to achieve a de facto annual profit recovery by enhancing its business framework focused on organic light-emitting diode (OLED) technology, reporting robust third-quarter performance this year.

LG Display announced on the 30th that it achieved sales of 6.957 trillion South Korean won and an operating profit of 431 billion South Korean won in the third quarter under consolidated reporting. The company transitioned from an operating loss of 80.6 billion South Korean won during the same period last year, with sales rising by 2% compared to the same period last year. Cumulative sales reached 18.6092 trillion South Korean won, and the operating profit stood at 348.5 billion South Korean won through the third quarter, making a full-year profit turnaround highly likely after four years since 2021.

Despite a 1% decline in overall sales because of the shutdown of the liquid crystal display (LCD) TV operations, profit levels rose as the share of OLED sales grew. LG Display mentioned, “Sales went up by 25% from the prior quarter due to increased shipments of OLED panels across all product categories,” and noted, “The percentage of OLED products in total sales hit a new high of 65%, fueled by the peak season and the impact of new product releases in the mid and small-sized OLED panel market.” Efforts to cut costs via enhanced labor efficiency also helped boost profitability.

LG Display intends to concentrate on improving profitability by boosting the competitiveness of its OLED technology and increasing the share of high-end product sales. Kim Seong-hyeon, LG Display’s Chief Financial Officer, stated, “The annual improvement in profitability is now evident this year, and with the enhanced business structure and operational capabilities, we will work to further improve the profit model and consistently expand our business performance.”