LG Energy Reports 34% Increase in Q3 Net Profit Despite Slowing EV Sales

SEOUL: LG Energy Solution Ltd., South Korea's leading battery manufacturer, announced a 34 percent increase in its third-quarter net profit, reaching 561.3 billion won (US$404 million), even as electric vehicle (EV) sales experienced a slowdown. According to Yonhap News Agency, the company revealed in a regulatory filing that despite the rise in net profit, its operating profit experienced a significant decline. Operating profit fell by 39 percent year-on-year, amounting to 448.3 billion won compared to 731.2 billion won in the same period last year. Sales also decreased by 16 percent, dropping to 6.87 trillion won from 8.22 trillion won during the same timeframe. For the first nine months of the year, LG Energy reported a stark reduction in net income, which plunged 48 percent to 749.6 billion won from 14.47 trillion won in the previous year. The company did not specify the factors contributing to the slowed EV sales or the impact on its operations, leaving uncertainties about future performance in an evo lving market landscape.