This excerpt taken from the LPL 6-K filed Oct 14, 2008.
LG DISPLAY REPORTS THRID QUARTER 2008 RESULTS
SEOUL, Korea October 14, 2008 LG Display [NYSE: LPL, KRX: 034220], a leading innovator of TFT-LCD technology, today reported unaudited earnings results based on consolidated Korean GAAP for the three-month period ending September 30, 2008.
Although the market environment and our operating results have been favorable since last year, we continued to stay alert and pressed on with efforts toward overall reform of our business structure. That has made us more resilient to market fluctuations. said Young Soo Kwon, CEO of LG Display. On the strong business structure, we are continuing to reinforce our cost competitiveness and prepare to turn the current challenges into opportunity.
Overall, the company shipped a total of 3.67 million square meters of net display area in the third quarter of 2008, an increase of 12% quarter-on-quarter. TFT-LCD panels for TVs, monitors, notebook PCs and mobile & other applications accounted for 51%, 22%, 22% and 5%, respectively, on a revenue basis in the third quarter of 2008.
The average selling price per square meter of net display area shipped was USD 992, which was a decrease of approximately 22% compared to the average of the second quarter of 2008.
For the third quarter of 2008, the cost of goods sold per square meter of net display area shipped in USD basis decreased by 7% from the second quarter of 2008. The cost reduction was mainly driven by efforts for reinforcing cost competitiveness such as securing high production yield and developing cost innovative product models. Also the company efficiently managed the goods inventory turnover level by adjusting production output volume around 10% started from the end of July
Cash and cash equivalents including short term financial instruments of LG Display were KRW 3,785 billion as of September 30, 2008. Total debt was KRW 4,179 billion. Net debt was KRW 394 billion and the net debt-to-equity ratio was 4% as of September 30, 2008.