LG Energy Solution reports record sales, operating profit in third quarter

LG Energy Solution's production plant in Poland [LG ENERGY SOLUTION]

LG Energy Solution logged strong earnings for the July-September period, with record sales and operating profit.

Boosted by strong demand for electric vehicles (EVs), the battery maker moved up its target sales for this year from the previous 22 trillion won ($15.4 billion) to 25 trillion won, Wednesday. It was the second adjustment this year, following the previous modification made in July, from 19.2 trillion to 22 trillion won.

LG Energy Solution logged a net profit of 187.7 billion won for the June-August period, compared to a net loss of 205.8 billion won in the third quarter last year. The figure did, however, fall short of the market consensus of 274.3 billion won compiled by FnGuide.

Sales and operating profit, which were both record figures, came in line with the preliminary announcement released on Oct. 7.

Sales jumped 89.9 percent on year to 7.65 billion won. Operating profit was 521.9 billion won, marking a turnaround from the 372.8-billion-won loss a year earlier. Both figures beat market expectations.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]