In this file photo, an LG Energy Solution showroom is set up at the InterBattery 2021 exhibition held at COEX in southern Seoul, on June 9, 2021. (Yonhap)
SEOUL, Oct. 7 (Korea Bizwire) — LG Energy Solution Ltd., South Korea’s top battery maker, said Friday it racked up a turnaround in the third-quarter of the year from a year earlier on the back of the weakness of the Korean currency against the U.S. dollar and robust sales.
Its operating profit reached 522 billion won (US$370 million) in the July-September period, shifting from an operating loss of 373 billion won a year earlier, the company said in a regulatory filing.
Its sales jumped 90 percent on-year to hit a record high of 7.65 trillion won.
Its net profit was not available.
The third-quarter operating income was higher than the market median of 459 billion won in a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
The robust performance was attributable to the Korean won’s descent against the greenback and increased sales.
The local currency ended at 1,430.2 won to the U.S. dollar at the end of September, compared with 1,297.3 won at the end of July.
In addition, LG Energy Solution successfully transferred a rise in the prices of raw materials to pouch-type batteries from the third quarter following the existing cylindrical batteries.
(Yonhap)
