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LG Energy Solution's battery factory / Courtesy of LG Energy Solution
LG Energy Solution's battery factory / Courtesy of LG Energy Solution

LG Energy Solution (LGES), a major secondary battery maker, said Wednesday it shifted to the black in the third quarter from a year earlier on the back of robust demand in electric vehicle (EV) batteries and a weaker Korean won currency.

Net profit came to 187.7 billion won ($131.3 million), swing from a loss of 205.8 billion won a year earlier, the company said in a regulatory filing.

Operating income reached 521.9 billion for the July-September period, compared with a loss of 372.8 billion won a year ago. Sales rose 89.9 percent to 7.64 trillion won.

The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 324.2 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

In a separate filing, LGES said it has revised up its revenue forecast for this year to 25 trillion won, from the last estimate of 22 trillion won.

LGES, the world's second-largest battery manufacturer, counts Tesla, General Motors and Ford Motors as its clients, among others. (Yonhap)



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