Business

LG Chem's second-quarter results beats estimates, up 290per cent from year earlier

South Korea's LG Chem Ltd posted a second-quarter profit that beat market expectations, helped by settlement money from legal disputes between its rival SK Innovation Co Ltd that ended in April.

The logo of LG Chem is seen at its office building in Seoul
The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji/Files

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SEOUL: South Korea's LG Chem Ltd posted a second-quarter profit that beat market expectations, helped by settlement money from legal disputes between its rival SK Innovation Co Ltd that ended in April.

The chemicals and battery maker, whose wholly-owned battery subsidiary LG Energy Solution supplies electric vehicle (EV) batteries to General Motors Co and Tesla Inc among others, reported an operating profit of 2.2 trillion won (US$1.92 billion) for the April-June period, versus 572 billion won a year earlier.

That compared with an average analyst forecast of 1.2 trillion won compiled by Refinitiv SmartEstimate.

(Reporting by Heekyong Yang and Joyce Lee; Editing by Christian Schmollinger)

Source: Reuters