This photo, provided by Samsung SDI Co., shows the South Korean display maker’s booth at the International Automobile Exhibition Mobility 2023, set to run from Sept. 5-10 in Munich. (Image courtesy of Yonhap)
SEOUL, Oct. 26 (Korea Bizwire) — Samsung SDI Co. said Thursday its third-quarter earnings slid 2.5 percent on-year amid decreased demand for energy storage system (ESS) products and pouch battery cells used in smartphones.
Consolidated net profit came to 622.4 billion won (US$459.3 million) in the July-September period, compared with 638.2 billion won from a year earlier, the company said in a regulatory filing.
Sales grew 10.8 percent on-year to 5.94 trillion won while operating profit slumped 12.3 percent 496 billion won.
The operating profit was 1.1 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.
Samsung SDI said it recorded a decrease in quarterly sales in its ESS business as customers opted to wait for new products expected to be released in the fourth quarter.
Sales of its pouch battery products used in smartphones also suffered losses due to overall sluggish demand in consumer tech goods, the company said.
The company, however, said it logged strong performance in its EV battery division after boosting production following a recent expansion of its battery cell production plant in Hungary.
(Yonhap)
