LG Energy Solution announced on Tuesday that it expects its operating profit for the second quarter to drop by 77%, as weak global demand for electric vehicles continues to weigh on its financial performance.
The company estimated its operating profit for April-June at 113.3 billion won, compared to 492.1 billion won a year earlier, though this marks a recovery from the operating loss of 207.8 billion won recorded in the January-March quarter.
Revenue increased by 24.8% year-over-year to 7.56 trillion won, and rose 15.3% compared to the previous quarter, according to preliminary results.
These preliminary figures are subject to an external audit review and may differ from the company’s final financial results.
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