SEOUL (Reuters) – Tesla Inc supplier LG Energy Solution Ltd (LGES) on Wednesday swung to a profit in the third quarter on the back of strong electric vehicle (EV) battery demand and favourable foreign exchange rates.
South Korea’s LGES, which also sells EV batteries to automakers including General Motors Co, Ford Motor Co and Volkswagen AG among others, reported operating profit of 522 billion won ($365.12 million)for the July-September period, compared with a 373 billion won loss a year earlier and a Refinitiv SmartEstimate of 488 billion won profit drawn from 17 analysts.
Revenue for the quarter rose 90% to 7.6 trillion won, LGES said in a regulatory filing.
Shares of LGES, carved out of LG Chem Ltd in a market debut in January, were trading up 1.8% in morning trade, versus the benchmark KOSPI’s 0.3% rise.
($1 = 1,429.6500 won)
(Reporting by Heekyong Yang and Jihoon Lee; Editing by Muralikumar Anantharaman)
