LG Display posts record quarterly loss

LG Display posted a record quarterly loss, attributing this to a drop in global demand for

smartphones, laptops and computers.In order to reduce its costs, the company has completely abandoned the production of LCD panels in South Korea and reduced the production of LCD panels in China by 50%. The company is also optimizing the loading of its production facilities producing OLED panels. LG Display had to cut its investment plan to 3 trillion South Korean won for this year, compared to 5.2 trillion last year. In the fourth quarter, the company recorded an operating loss of 876 billion South Korean won ($711 million). Also in the last quarter, revenues of LG Display decreased by 17%, to the level of 7.3 trillion South Korean won. Among the reasons for this level of losses was the constant price reduction of medium-sized panels.