A sharp fall in the price of liquid crystal display (LCD) panels caused LG.Philips LCD to fall deep into the red during the second quarter, the company said Tuesday.LG.Philips LCD, one of the world’s largest manufacturers of LCD panels, lost 322 billion won (US$340 million as of June 30, the last day of the period being reported) in the second quarter, compared to a net profit of 41 billion won in the same period a year earlier. Sales were up 0.3 percent to 2.3 trillion won.In response, the company will stop its investment in existing production lines and cut back its planned spending in areas like new machinery and factories this year, from 4.2 trillion won to 3 trillion won.Ron Wirahadiraksa, LG.Philips’ president and chief financial officer, said the company is disappointed with its performance but confident that its results will improve during the remainder of the year. Intense competition lies behind the big loss. Vendors have been increasing production to satisfy demand for flat-screen televisions and LCD computer monitors and have been cutting prices in a bid to secure market share.LG.Philips LCD saw the average selling price of panels drop 18 percent between the first and second quarters of this year, it said. The company expects LCD panel prices to stabilize in the second half of the year, it said.-Martyn Williams, IDG News Service (Tokyo Bureau)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content events promotion Australia's CIO50 Team of the Year Awards finalists revealed Along with the unveiling of the annual CIO50 List and the team category winners, the 2023 CIO50 Awards will also recognise the inaugural Next CIO winner and a new Hall of Fame recipient. By Cathy O'Sullivan May 31, 2023 3 mins IDG Events brandpost API security: key to interoperability or key to an organization? Understanding the risks of using APIs and how to prepare to address those risks. By Keith Zelinski, Managing Director, Technology Consulting May 31, 2023 6 mins Digital Transformation brandpost Designing the campus of the future starts with high-quality 10 Gbps connectivity By Huawei May 31, 2023 4 mins Network Architect Networking Devices Networking brandpost How an Indian real-estate juggernaut keeps growing by harnessing the power of zero A South Indian real-estate titan is known for the infinite variety and impressive scale of its projects, but one of its most towering achievements amounts to nothing literally. By Michael Kure, SAP Contributor May 31, 2023 5 mins Digital Transformation Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe