Salem Radio Network News Saturday, August 13, 2022

Science

LG Energy Solution Q2 profit plunges 73%, misses estimates

SEOUL (Reuters) – Tesla-supplier LG Energy Solution Ltd (LGES) posted on Wednesday a 73% plunge in quarterly profit versus a year earlier, hurt partly by rising raw material costs and COVID-19 curbs in China.

South Korea’s LGES, which also sells electric vehicle (EV) batteries to automakers including General Motors Co, Ford Motor Co and Volkswagen AG, said its operating profit declined to 196 billion won ($149.48 million) for the April-June period from 724 billion won a year earlier.

The year-ago number included a large one-time gain.

This slightly missed an analyst forecast of 199 billion won from Refinitiv SmartEstimate.

($1 = 1,311.2200 won)

(Reporting by Heekyong Yang and Jihoon Lee; Editing by Himani Sarkar)

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