South Korean battery firm LG Energy Solution (LGES) on Wednesday posted a 138% rise in first-quarter profit, helped by favourable foreign exchange rates that cushioned slowing growth of electric vehicle (EV) sales in major overseas markets.
LGES, which supplies Tesla, General Motors and Hyundai Motor among others, reported an operating profit of 375 billion won ($261.96 million) for the January-March period, in line with earlier guidance.
The result compared with a 157 billion won profit a year earlier.
The company would have made an 83 billion won operating loss without a tax credit received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing.
Revenue rose 2.2% from a year earlier to 6.3 trillion won.
Shares of LGES were trading down 2.1% after the results announcement in morning trade, versus a 0.1% rise in the benchmark KOSPI.
