SEOUL -- LG Display's operating profit tumbled 96% last year to 92.9 billion won ($83.2 million), the South Korean company said on Jan. 30, drained by competition in a saturated liquid crystal display panel market.
The results mark a stark reversal for the world's largest LCD panel maker, which reported record profit in 2017.
LG Display turned in a loss of 326 billion won during the first half of 2018, when extra output from Chinese competitors undercut prices. The company eked out a full-year profit when prices recovered somewhat in the second half.
Annual sales receded 12% to 24.33 trillion won. Net results came to a loss of 179 billion won, down from a 1.9 trillion won net profit in 2017.
LG Display's organic light-emitting diode panels provided one bright spot, as they went into the black in the second half of 2018. The delivery of 2.9 million television panel equivalent units last year made OLED panels responsible for over 8% of total sales. The manufacturer aims to log a full-year profit in the OLED segment this year.
The company is asking Apple to adopt its OLED panels for iPhones.
"We believe it will happen in the near future," Chief Financial Officer Seo Dong-hee said on Jan. 30.