2 weeks Ago
South Korean battery maker LG Energy Solution (LGES) reported a 39% drop in profit from last year amid a sluggish demand for electric vehicles. LGES’s operating profit for the three months ended September 30 was 448.3 billion won (USD 323 million), the company said, higher than analyst estimates of 440.
3 billion won. Its third-quarter net profit surged 34% from the same period last year. Net profit for the three months ended September increased to 561.
3 billion won (USD 404 million) compared to 420.5 billion won from last year, the company said. Revenue fell 16.
4% to 6.9 trillion won during the same period. The company has been struggling with diminishing orders for batteries as electric carmakers scale back their ambitions globally.
The South Korean company plans to lower costs, improve overall operational efficiency and diversify its products to sustain its profitability, he added. “We will minimize capital expenditure by excluding essential investments and adjust the pace accordingly,” Lee Chang Sil said. “The scale of capital expenditure next year could be significantly reduced compared to this year.
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