LG. Philips LCD posting losses for the first quarter of the year

LG. Philips LCD posting losses for the first quarter of the year

LG. Philips LCD is the world’s second largest manufacturer of liquid crystal displays. The company has now said that they have posted a loss for the first quarter of the year due to steep decline in prices of their products.

The company has posted losses of 169 billion won in the three months ending March 31. They had posted profits of 48 billion won a year earlier.

Incidentally, this was the fourth straight loss making quarter for the company as CEO Kwon Young-soo stated in his statement that they are focusing on increasing their efficiency.

He added that the company plans to offer voluntary retirement packages through April as they aim to have a slimmer organization to remain competitive in the market.