Seoul Semiconductor revealed its consolidated revenues of 2Q19 which came to KRW 283.3 billion (US$ 233.16 million), which has dropped by 2% YoY. The gross profit was KRW 69.3 billion (US$ 57.03 million) and operating profit was KRW 6.6 billion (US$ 5.43 million). The company said the business performance has achieved its guided range for revenues of the quarter.

In comparison to other LED companies who have suffered from drastic decrease due to the weak market impacted by the US-China trade dispute, Seoul Semiconductor said it was able to achieve stable revenues. The company continues to focus on fast growing automotive lighting and display related business. TV sales grew more than double digit YoY continuing to enlarge the mix of its differentiated technology products. Thanks to the enlarged business from its portfolio of differentiated products, gross profit margin rebounded to 24.5% in the second quarter from 22.8% in the first quarter.

For the second quarter, the relocation costs and interrupted production due to relocating of its manufacturing equipment from South Korea to Vietnam to focus on expanding global customer base affected the operating profit. For the coming third quarter, considering elevating uncertainties in international trade and unfavorable global economy conditions, Seoul Semiconductor conservatively guided for KRW 280 to 300 billion revenues.

“Seoul Semiconductor has recently received production approval from our customer to supply Micro LED products. So we will showcase our advanced Micro LED in the second half of the year,” said Sam Ryu, executive vice president of IT sales at Seoul Semiconductor. “Micro LED is the combined result of our years of devotion in developing leading technologies and all of our know-hows, and will help us reshape the paradigm of future displays to develop new markets and create values for our customers.”