U.S. OLED manufacturer Universal Display Corporation’s office in Ireland reported a US $21 million loss in 2015 on revenue of US $98.2 million, reported Irish media Independent recently.

UDC is a US $2.4 billion publicly-listed company that invests heavily in the R&D, marketing and selling of OLED lighting products and components.

The company acquired US $87 million to acquire OLED intellectual property of German industrial giant BASF, and used its Irish subsidiary to seal the deal this June.

The Irish business latest accounting reports indicate losses last year escalated compared to the US$ 1 million loss back in 2014.

The company’s revenue was generated from the sale of "non-hazardous chemical materials and licensing", the accounts note.

Nearly all of the ocmpany’s revenue of US $98.2 million in 2015 was from sales in East Asia.

The latest financial results showed UDC’s R&D spending in 2015 amounted was up to US $36.2 million in total, compared to US $34.1 million a year before. The company’s Irish arm comprises seven staff members, including two in sales, and paid in total US $1 million in salaries last year.

UDC parent company in U.S. is expected to release its third quarter earnings this week.