SEOUL, March 23 (Korea Bizwire) — LG Display Co. is struggling to make profits this year with its focus on expanding its OLED business, its chief said Tuesday.
The panel maker posted an operating loss of 29.1 billion won (US$25 million) in 2020, sharply narrowing from a loss of 714.5 billion won a year earlier, while sales increased 3.2 percent on-year to 24.23 trillion won, apparently benefiting from increased demand for displays amid the pandemic-induced trends of remote working and distance learning.
“This year, we will achieve complete normalization of our business and make a great leap forward,” Jeong Ho-young said in a shareholders meeting.
To achieve its goal, Jeong said the company will bolster its OLED business. LG Display is the world’s largest supplier of large-size OLED panels.
“With expanded OLED product lineup and customer base, we will concentrate to expand our market share and enhance profitability,” he said. “In addition to TVs, we will actively explore areas that need our products.”
Jeong said LG Display will also seek strategic partnerships with others, adding that the company is looking for a “radical change” for sustainable growth.
“We will reinforce our partnerships with our existing partners and cooperate with those in other industry sectors to better develop our business and system,” he said.