LG Display Co., Ltd. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported that revenues decreased by 19% to KRW 7,079 billion from KRW 8,743 billion in the fourth quarter of 2012 and increased by 8% from KRW 6,579 billion in the third quarter of 2013. Operating profit was KRW 257 billion, a year-on-year decrease of 56% from the operating gain of KRW 587 billion and a quarter-on-quarter decrease of 34% from the operating gain of KRW 389 billion. Income before tax was KRW 225 billion compared to KRW 503 billion a year ago. EBITDA in the fourth quarter of 2013 was KRW 1,124 billion, a year-on-year decrease of 38% from KRW 1,814 billion and a quarter-on-quarter decrease of 12% from KRW 1,281 billion. Net income was KRW 71 billion compared with net income of KRW 320 billion in the fourth quarter of 2012, and net income of KRW 239 billion in the third quarter of 2013. The company posted a quarter-on-quarter revenue increase of 8% in the fourth quarter driven by strong seasonal demand towards the year end, strong sales of large-sized TVs in China, and increased seasonal shipments of small-to medium-size panels. Operating profit was maintained for a seventh consecutive quarter, although there was a quarter-on-quarter decline in the fourth quarter due to a continuous price decrease for TV panels that started in the third quarter. Pretax profit was KRW 225 billion.

For the year, the company reported an operating profit of KRW 1,163,314,395,000 in 2013 compared to KRW 912,367,722,000 a year ago, up by 28%, achieving an annual operating profit of more than KRW 1 trillion for the first time in three years. This was realized mainly by steady demand from TV manufacturing customers, and expanded sales of premium products such as small- to medium-size panels driven by a product differentiation strategy. Revenues were KRW 27,033,035,360,000 compared to KRW 29,429,668,071,000 a year ago. Income before income tax was KRW 830,305,254,000 compared to KRW 458,524,968,000 a year ago. Net income was KRW 418,973,184,000 compared to KRW 236,345,460,000 a year ago. Cash flow from operating activities resulted in cash inflow of KRW 592 billion.

The company provided earnings guidance for the first quarter of 2014. Looking ahead, the company expects profits in the first quarter of 2014 to decline quarter-on-quarter due to traditional seasonal decline in panel shipments and price.