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LG.Phillips LCD venture makes record losses

April 11th, 2007 · No Comments

Listen closely and you can hear the sound of Korean makers weeping. Troubled panel purveyor LG.Philips has announced an operating loss of 208 billion Won in the first quarter, a rise from 177 billion in Q4 2006. Revenues are down 11 per cent, giving a net loss of 169 billion Won. The joint venture company, which has been badly caught out by the falling price of flat panels and general market oversupply, is currently trying to restructure. CEO Kwon Young-soo, brought in to helm the company in January from LG, maintains there are still reasons to remain optimistic: “During the first quarter, our sales were encouraging, particularly in the TV and notebook PC segments.”
He adds prices have begun to stabilize. Philips is still looking for a buyer for its share of the operation.

Tags: LCD TV · Plasma · Trade

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