Driven by continued growth in OLEDs as well as its Guangzhou OLED plant ramping up to full-scale production, LG Display reported excellent growth during 2020.

According to its unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards), revenues in the fourth quarter of 2020 increased by 11% to KRW 7,461 billion ($6.76 billion) from KRW 6,738 billion in the third quarter of 2020. This also was a 16% increase from KRW 6,422 billion in the fourth quarter of 2019.

Operating profit in 4Q 2020 was KRW 685 billion ($620 million). That is a significant gain from operating profit of KRW 164 billion in the third quarter of 2020 and operating loss of KRW 422 billion in the fourth quarter of 2019. Its operating profit rose by 317% quarter-on-quarter and returned to the black year-on-year.

“We achieved our fourth quarter results backed by responding quickly to the contactless market situation as well as improving revenues in OLED,” said Dong-hee Suh, CFO and SVP of LG Display.

Meanwhile, EBITDA in 4Q 2020 was KRW 1,774 billion ($1.61 billion), compared with EBITDA of KRW 1,288 billion in the third quarter of 2020 and with EBITDA of KRW 586 billion in the fourth quarter of 2019.

LG Display reported net income of KRW 621 billion in 4Q 2020, compared with net income of KRW 11 billion in the third quarter of 2020 and net loss of KRW 1,817 billion in the fourth quarter of 2019.

As the global work-from-home situation continued in the fourth quarter, demand for TV and IT products remained strong and shipments for both large-size OLED and P-OLED increased meaningfully.

The company’s performance was driven in particular by the Guangzhou OLED plant going into full-scale production, resulting in the expansion of OLED TV shipments, as well as the P-OLED business and production stabilization.