SEOUL (Reuters) – South Korea’s LG Energy Solution Ltd (LGES) said on Tuesday it swung to profit in the October-December quarter, though its electric vehicle (EV) battery demand was weaker than expected as automakers grapple with a global chip shortage https://www.reuters.com/business/autos-transportation/why-is-there-global-chip-shortage-why-should-you-care-2021-03-31.
The battery maker, which went public https://www.reuters.com/markets/europe/lg-energy-solution-debuts-after-13-trillion-frenzy-skoreas-biggest-ipo-2022-01-26 last month in the country’s biggest ever IPO, posted an operating profit of 76 billion won ($63.5 million) for the fourth quarter, the company said in its maiden earnings report.
That compares with a 150 billion won profit estimate by two analysts polled by Refinitiv and a loss of 479 billion won in the same period a year earlier.
($1 = 1,196.8700 won)
(Reporting by Heekyong Yang and Joyce Lee; editing by Richard Pullin)