LG Energy Solution Reports Q1 Operating Profit of 157.3 Billion KRW, Down 75% Year-on-Year

LG Energy Solution announced on the 5th that its operating profit for the first quarter was 157.3 billion KRW, a decrease of 75.2% compared to the same period last year.

Quarterly Sales and Operating Profit of LG Energy Solution (Provided by LG Energy Solution)

Sales recorded 6.1287 trillion KRW, down 29.9% from the same period last year. Compared to the previous quarter, sales and operating profit decreased by 23.4% and 53.5%, respectively.

The tax benefit from the U.S. Inflation Reduction Act (IRA) Advanced Manufacturing Production Tax Credit (AMPC) system amounted to 188.9 billion KRW; excluding this, there was an operating loss of 31.6 billion KRW.

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