LG Energy Solution’s Q2 operating profit drops 57.6%

[Courtesy of LG Energy Solution Ltd.]

Kospi-listed companies LG Energy Solution and LS Electric reported contrasting financial performances for the second quarter of 2024, according to regulatory filings made on Thursday.

LG Energy Solution posted a big decline in its April to June earnings. The company’s operating profit on a consolidated basis was 195.3 billion won ($141 million), a 57.6 percent drop from the previous year. The figure fell short of the market expectation of 229.6 billion won by 14.9 percent.

The company’s revenue also took a hit, recording 6.16 trillion won, down by nearly 30 percent from the previous year. LG Energy Solution also reported a net loss of 23.7 billion won, a stark contrast to its previous profitability.

Conversely, LS Electric reported positive growth in its operating profit for the second quarter. The company’s consolidated operating profit was 109.6 billion won, up 4.51 percent from the same period during the previous year, and surpassing market expectations of 95.3 billion won by 15 percent.

Despite the growth in operating profit, LS Electric’s revenue experienced a slight decline to hit 1.13 trillion won, down 5.77 percent from the previous year. The company also reported a net profit of 64.6 billion won, down 11.47 percent.