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SEOUL (Reuters) – South Korean battery firm LG Energy Solution (LGES) on Thursday posted on a 58% drop in quarterly profit, hit by weakening demand for battery-powered electric vehicles (EVs).
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The company, which supplies Tesla, General Motors, Hyundai Motor and other automakers, reported an operating profit of 195 billion won ($141 million) for the April-June period, in line with an earlier forecast.
The result compares with a 461 billion won profit a year earlier.
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($1 = 1,383.9100 won)
(Reporting by Heekyong Yang, Joyce Lee and Jihoon Lee; Editing by Tom Hogue)
-TheStar