LG Energy Solution Reports Preliminary Q2 Operating Profit of 195.3 Billion KRW, Down 57.6% YoY

Sales Down 29.8% Compared to Last Year

LG Energy Solution Poland Factory. Photo by LG Energy Solution

LG Energy Solution announced its preliminary results for the second quarter, recording sales of KRW 6.1619 trillion and an operating profit of KRW 195.3 billion.

According to LG Energy Solution on the 8th, the company's sales in the second quarter of this year decreased by 29.8% compared to the same period last year, and operating profit decreased by 57.6%. Compared to the previous quarter (Q1), sales increased by 0.5% and operating profit increased by 24.2%.

The tax credit under the U.S. Inflation Reduction Act (IRA) Advanced Manufacturing Production Credit (AMPC) system (45X) amounted to KRW 447.8 billion. Excluding this amount, the company recorded an operating loss of KRW 252.5 billion.

The preliminary results for the second quarter were estimated in accordance with the Korean International Financial Reporting Standards (IFRS).

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