Sales of electric car batteries helped LG New Energy return to profit in the fourth quarter

2022-06-01 0 By

LG New Energy, the world’s second-largest power battery maker, swung to a profit in the fourth quarter of last year, helped by strong sales of electric vehicle batteries, foreign media reported.LG New Energy posted revenue of 4.44 trillion won in the fourth quarter of last year, up 10.2 percent from the previous quarter, the company said on its website Tuesday.LG New Energy said on its website that its revenue growth in the fourth quarter was driven by strong demand for cylindrical batteries for electric vehicles and batteries for IT equipment.On the profit front, LG New Energy said it swung to a profit in the fourth quarter with operating profit of 76 billion won.However, LG New energy on the official website, did not disclose their fourth quarter net profit last year.However, LG New Energy reported in a regulatory filing that it posted a net profit of 71.8 billion won, or $59.93 million, in the fourth quarter of last year, compared with a loss of 436.4 billion won in the same period in 2020, South Korean media reported.LG New Energy also disclosed on its website that its full-year revenue in 2021 was 17.85 trillion won, up 42% from the previous year.Operating profit was 768.5 billion won, or 4.3 percent.For 2022, LG New Energy expects revenue of 19.2 trillion won, up 8 percent year-on-year.