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

The battery maker, which went public 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)