LG Display Co. reported a wider-than-expected quarterly loss, hit by a U.S. price-rigging penalty and weak demand for TVs.
The South Korean display panel maker said it lost 112 billion won ($98 million) in the April-June quarter, much worse than the expected 28 billion won loss.
Reports a wider than expected loss
LG Display posted its seventh straight quarterly operating loss of 25 billion won even as its sales hit a record high of 6.9 trillion won.
The world's second-largest maker of display panels said its bottom line was hurt by a one-time penalty to settle a price-rigging case in the United States as well as persistently feeble demand for TVs and personal computers.
The company said it will invest 1.2 trillion won to raise output of high-end display panels for mobile devices.
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