LG Energy Solution predicts 145% surge in operating profit in Q1

Industry

LG Energy Solution predicts 145% surge in operating profit in Q1

Published: 07 Apr. 2023, 11:56

LG Energy Solution's headquarters in Yeouido, western Seoul. [YONHAP]

LG Energy Solution estimated a 145 percent surge in operating profit in the first quarter on strong sales of electric vehicle batteries overseas.

In a preliminary earnings announcement on Friday, the company said its operating profit in the January-to-March period came to 633.2 billion won ($480.1 million), a 144.6 percent jump on year.

The figure far beat the market consensus of 484.7 billion won, as reported by market tracker FnGuide.

Revenues soared 101.4 percent to 8.74 trillion won, also surpassing the market expectation of 8.37 trillion won.

Neither net profit nor segmentation were provided.

BY SARAH CHEA [chea.sarah@joongang.co.kr]