LG Display cuts capital expenditure by 1 trillion won

LG Display will downsize its capital expenditure by 1 trillion won ($723 million) compared to last year to spend 2.5 trillion won in equipment, facilities and technology, the display maker said in a conference call Wednesday. 

"LG Display will maximize the usage of existing assets and will carry out new investments based on profitability," it said. 

It added that the sell-off of its liquid crystal display factory in Guangzhou, China, to CSOT will wrap up by the end of the first quarter next year. 

LG Display on Wednesday reported its third-quarter net loss of 338.1 billion won, remaining in the red compared to a year ago.

The company said in a regulatory filing that it continued to post an operating loss of 80.6 billion won for the July-September period, compared to a loss of 662.1 billion won a year earlier. Sales rose 42.5 percent to 6.82 trillion won. 

The operating loss was 7.1 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

BY JIN EUN-SOO, YONHAP [jin.eunsoo@joongang.co.kr]