L&F Turns to Loss Last Year... Operating Loss of 220.1 Billion KRW
Profitability Declines Due to Lithium Price Drop
LNf announced on the 15th that its separate basis operating loss for last year was tentatively estimated at 220.1 billion KRW, turning to a loss compared to the previous year. During the same period, sales increased by 18.4% year-on-year to 4.6 trillion KRW.
Profitability deteriorated due to large-scale inventory asset valuation losses caused by the plunge in lithium prices and a decrease in sales volume due to a slowdown in electric vehicle demand.
Specifically, inventory asset valuation losses totaling 250.3 billion KRW were reflected, including product valuation losses of 90 billion KRW and raw material valuation losses of 160.3 billion KRW.
Last year, the price of lithium carbonate plummeted by about 80% compared to the beginning of the year, having the greatest impact on profit reduction. The company expects improvement from the second half of this year.
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Meanwhile, the operating loss in the fourth quarter of last year also turned to a loss at 280.4 billion KRW compared to the same period last year. Sales decreased by 47.2% to 646.8 billion KRW.
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