LG Energy Solution Ltd., South Korea’s premier car battery manufacturer, reported on Wednesday that its operating profit rose 40 percent in the third quarter of the year when compared to the same period in 2020. The surge is attributed to strong demand in the United States.
Operating profit for the three months ending in September totaled 731.2 billion won (US$545 million), compared to 521.9 billion won a year ago. Sales also increased 7.5 percent, totaling 8.22 trillion won.
The company credits the success to “robust battery demand in the U.S.,” as well as an expanded capacity in its U.S. plant and improved productivity.
Final earnings results are set to be released on Oct. 25.
This file photo offered by LG Energy Solution shows the ‘Ochang Energy Plant’ in Cheongju, North Chungcheong province. (PHOTO NOT FOR SALE)(Yonhap)
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