LG Energy Solution Ltd., South Korea’s leading battery maker, said Thursday its first-quarter net profit plunged 62 percent from a year earlier due to slowing electric vehicle sales.
Net profit for the three months ended in March plummeted to 212.1 billion won (US$154 million) from 562 billion won in the same period of last year, the company said in a statement.
Operating profit also dropped 75 percent to 157.3 billion won in the first quarter from 633.2 billion won a year ago. Sales fell 30 percent to 6.12 trillion won from 8.74 trillion won.
Source: Yonhap News Agency