China investment which is to be carried out near future will also be a part of LCD business optimization by expanding access to the China market and obtaining cost to comparativeness. We will tell you more about these long-term strategic direction and investment plans in the next quarter earnings.
Now moving on to our financial results, on page seven -- on page three, revenue in the first quarter rose KRW 6.6 billion, down 6% quarter-on-quarter. The demand was strong compared to traditional seasonality, however, delay in the differentiated products and modest development schedule resulted in manufacturing capacity decline. This resulted in 4% shipment decline compared to the previous quarter.
After panel prices dropped slightly in all the months, it remained stable throughout the quarter. Operating loss increased to KRW 178 billion and operating margin to minus 3%, while EBITDA margin remained stable at 13%. Net income was minus KRW 129 billion.
Moving on to slide four, looking at our financial positions and ratios. Cash and cash equivalents rose by KRW 60 billion to KRW 2.4 trillion. Inventory was maintained at the highest level at KRW 2.2 trillion. Debt level rose slightly recording in net debt-to-equity ratio of 29%.Moving on to slide five, looking at our cash flow. Cash at the beginning of the quarter was KRW 2.3 trillion. Cash flow from operating activities resulted in cash inflow of KRW 656 billion. Cash flow from investing activities resulted in an outflow of KRW 1.3 trillion and cash flow from financing activities resulted in an inflow of KRW 677 billion. As a result, the net change in cash was inflow of KRW 60 billion.Moving on to our shipment and ASP on slide six. Looking at our shipment, it decreased by 4% quarter-on-quarter, recording 8.1 million square meters. This is due to the temporary capacity allocation for the development of differentiated products and new developments.ASP based on LCD module price remained flat after slight decline only in the products and it recorded $669 in first quarter, a 2% quarter-on-quarter decreased.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV