LG Energy Q3 net rises 34 pct on one-off gains

LG Energy Solution Ltd., South Korea's leading battery maker, said Monday its third-quarter net profit surged 34 percent from a year earlier on one-off gains.

Net profit for the three months to September rose to 561.3 billion won ($404 million) from 420.5 billion won during the same period last year, the company said in a regulatory filing.

The company did not provide details of the "one-off gains."

However, operating profit plunged 39 percent to 448.3 billion won from 731.2 billion won over the cited period amid slowing sales of electric vehicles.

Sales also fell 16 percent to 6.87 trillion won from 8.22 trillion won during the same period.

On-quarter, LG Energy shifted from a net loss of 23.7 billion won, with operating profit more than doubling from 195.3 billion won. Sales rose 12 percent from 6.16 trillion won in the April-June period.

"Increased sales of batteries for energy storage systems in advanced markets and companywide cost reductions resulted in quarterly profit gains," the company said in a statement.

From January to September, net income fell 48 percent to 749.6 billion won from 14.47 trillion won in the year-ago period.

Operating profit plummeted 56 percent to 800.9 billion won in the first nine months from 18.25 trillion won a year ago. Sales were down 26 percent to 19.17 trillion won from 25.74 trillion won. (Yonhap)