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.

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