LG Energy Solution swings to loss in Q2 - The Korea Times

LG Energy Solution's plant in Ochang, North Chungcheong Province / Courtesy of LG Energy Solution

LG Energy Solution on Thursday reported its second-quarter net loss of 328.6 billion won ($228.4 million), swinging from a profit of 90.6 billion won a year earlier.

The company, one of Korea's leading rechargeable battery manufacturers, said in a regulatory filing that operating profit for the April-June period fell 77 percent year-on-year to 113.3 billion won. Revenue increased 24.8 percent to 7.56 trillion won.

The operating profit was 43.8 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.