[Asia Economy Reporter Donghoon Jeong] LG Energy Solution announced on the 7th that it recorded provisional results for the second quarter of this year with sales of 5.0706 trillion KRW and operating profit of 195.6 billion KRW.
Compared to the previous quarter, sales increased by 16.8%, while operating profit decreased by 24.4%. Compared to the same period last year, sales decreased by 1.2%, and operating profit decreased by 73.0%.
The second quarter results showed an increase in sales compared to the previous quarter due to metal price linkage and expanded sales. However, the company explained, "Profitability declined due to China's COVID-19 movement restrictions, the global logistics crisis, and the timing difference in applying price increases for rising costs."
It is known that the operating profit of 724.3 billion KRW in the second quarter of last year included some one-time items such as license fee settlements and provisions. The company added, "Excluding these, the decrease in operating profit for the second quarter of this year is not significant."
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