Seoul: LG Display Co., an affiliate of South Korean electronics giant LG Electronics Co., reported a net loss for the second quarter, primarily attributed to one-off costs. This loss marks a significant shift from a net profit recorded in the same period last year.

According to Yonhap News Agency, for the quarter ending in June, LG Display reported a net loss of 418.8 billion won (US$283 million), a stark contrast to the net profit of 890.8 billion won a year prior. The company attributed this downturn to costs associated with a voluntary retirement program that impacted its financial results for the quarter.

The company's operating losses showed a slight improvement, narrowing to 107.72 billion won from 116.03 billion won recorded the previous year. Despite the losses, sales saw a modest increase of 0.4 percent, rising to 5.61 trillion won from 5.58 trillion won in the same period last year.

Over the first half of the year, LG Display also experienced a net loss, totaling 994.54 billion won, compared to a net profit of 653.73 billion won during the same period in the previous year. However, the company recorded an operating profit of 38.99 billion won, reversing an operating loss of 82.56 billion won from a year earlier. This improvement in operating earnings was attributed to strategic shifts in the company's business portfolio towards organic light-emitting diode (OLED) products, leveraging its technological strengths.

Despite these developments, first-half sales decreased by 4 percent, totaling 11.14 trillion won compared to 11.65 trillion won from the previous year. Looking ahead, LG Display plans to focus on expanding its premium OLED product sales and enhancing operational efficiency to boost profitability. The company aims to reinforce its portfolio with high-value products, such as gaming OLED monitor panels, and increase shipments as the monitor market gradually transitions from liquid crystal display (LCD) to OLED technology.