LG Energy Solution Q3 net soars on US demand

LG Energy Solution Ltd., South Korea's leading battery maker, said Wednesday its third-quarter net profit more than doubled from a year earlier helped by strong demand in the United States.

Net profit for the three months ended in September soared to 420.5 billion won ($312 million) from 187.7 billion won during the same period of last year, the company said in a statement.

"Strong battery sales in the US propped up the quarterly bottom line amid accelerating electrification. An expanded capacity in (the company's) US plant and improved productivity also helped," the statement said.

Operating profit jumped 40 percent to 731.2 billion won in the third quarter from 521.9 billion won a year ago.

Sales rose 7.5 percent to 8.223 trillion won from 7.648 trillion won during the same period.

To further boost sales, the company aims to win further EV battery supply deals from global carmakers.

Early this month, LGES signed a deal with Toyota Motor Corp. to supply EV batteries for 10 years through 2035.

With the latest supply deal, LGES has become a battery supplier to the world's top five carmakers -- General Motors Co., Toyota Motor, Hyundai Motor Group, Volkswagen Group and the Renault-Nissan alliance.

From January to September, the company's net income nearly tripled to 1.448 trillion won from 504.3 billion won in the year-ago period.

Operating profit jumped 87 percent to 1.825 trillion won in the first nine months from 976.3 billion won a year ago. Sales were up 51 percent to 2.574 trillion won from 1.706 trillion won. (Yonhap)