LG Energy Solution posts profit turnaround for 2021
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1 min read . Updated: 08 Feb 2022, 08:17 PM IST - For 2021, revenue jumped 42% to KRW17.852 trillion
South Korean battery maker LG Energy Solution Ltd. posted a profit turnaround for 2021, with fourth-quarter earnings swinging to profit on brisk electric-vehicle battery sales.
Fourth-quarter net profit was 71.81 billion Korean won ($60.0 million), compared with net loss of KRW436.49 billion in the same quarter a year earlier, LG Energy said Tuesday.
Revenue during the quarter rose 1.9% to KRW4.439 trillion. The company reported operating profit of KRW75.73 billion for the quarter.
For 2021, revenue jumped 42% to KRW17.852 trillion, while net profit was KRW929.87 billion, swinging from net loss of KRW449.35 billion a year earlier.
LG Energy attributed the profit turnaround to strong demand for EV batteries from global car makers in 2021.
The company, an EV-battery supplier for Tesla Inc. and General Motors Co., said it plans to increase its capital expenditure by 58% to KRW6.3 trillion in 2022.
The company expects revenue to rise 8% to KRW19.2 trillion in 2022.
LG Energy has become the second-biggest listed company in South Korea by market capitalization after setting the record for the country’s largest-ever IPO at $11 billion in January.
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This story has been published from a wire agency feed without modifications to the text
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