LG Energy Solution Reports 33.5% Increase in Q3 Net Profit to 561.3 Billion Won

SEOUL: LG Energy Solution Ltd. announced a significant rise in its third-quarter net profit, reporting a 33.5 percent increase to 561.3 billion won (US$404.2 million) compared to the same period last year. Despite this profit surge, the company experienced a decline in both operating profit and sales. According to Yonhap News Agency, the company's regulatory filing revealed that the operating profit for the July-September period dropped by 38.7 percent year-on-year, amounting to 448.3 billion won. Additionally, sales decreased by 16.4 percent, totaling 6.87 trillion won. The reported net profit figures surpassed market expectations substantially. Analysts surveyed by Yonhap Infomax, the financial data division of Yonhap News Agency, had projected an average net profit estimate of 158.7 billion won, highlighting the company's better-than-anticipated financial performance for the quarter.