▲ The photo provided by LG Display Co. shows its production facilities in Paju, 37 kilometers northwest of Seoul. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) LG Display-Q1 earnings

(LEAD) LG Display posts quarterly loss as weak demand takes toll

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SEOUL, April 26 (Yonhap) -- LG Display Co. reported its fourth consecutive quarterly loss Wednesday as sluggish demand for smartphones, TVs and computers continued to stymie its panel business.

The major panel maker reported an operating loss of 1.09 trillion won (US$815 million) for the January-March period, compared with a profit of 38.3 billion won a year ago, with high inflation and rate hikes significantly dampening consumers' appetite for tech gadgets.

It posted a net loss of 1.15 trillion won, swinging from a profit of 54.3 billion won a year earlier. Sales fell 31.8 percent to 4.41 trillion won.

LG Display went into a deficit in the second quarter of last year for the first time in two years as a pandemic-driven boom in IT devices ended amid rising prices and interest rates.

Demand has been falling rapidly over the past year for liquid-crystal displays and premium organic light-emitting diode panels. Poor macroeconomic conditions have also caused businesses to cut orders in order to deplete their excessive inventories.

Global PC shipments are estimated to have declined more than 30 percent from a year ago in the first quarter, while smartphone sales are believed to have fallen around 12 percent. TV panel shipments are projected to fall by 2.8 percent this year from a year ago.

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