Seoul: LG Energy Solution Ltd. (LGES), South Korea's leading battery maker, has announced that its first-quarter operating profit has more than doubled compared to the previous year, driven by a weaker won and consistent sales of its battery products.
According to Yonhap News Agency, the company reported that for the three months ending in March, the operating profit surged to 374.7 billion won (US$255 million), up from 157.3 billion won in the same period last year. This marks a significant recovery from a previous operating loss of 225.5 billion won in the fourth quarter of the prior year.
A company spokesperson attributed the positive quarterly results to the depreciation of the won against the dollar and higher-than-expected battery sales. The earnings were further bolstered by reduced inventories and an increase in energy storage system (ESS) supply agreements.
Additionally, LGES's sales figures are anticipated to have increased by 2.2 percent, reaching 6.26 trillion won in the January-March timeframe, compared to 6.13 trillion won in the corresponding period of the previous year. The company has indicated that it will release its final earnings results for the March quarter later this month.