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Industry

Korean battery makers return to profit in Q2, but one-offs cloud the turnaround

LG Energy Solution, Samsung SDI and SK On returned to operating profit in the second quarter, but analysts say their core battery businesses remain weak once U.S. AMPC tax credits, one-off gains and restructuring effects are stripped out. The companies said they brought forward the timing of the turnaround, while momentum is shifting from electric vehicles to energy storage systems and data centre demand. They expect profitability excluding AMPC from the fourth quarter.

Industry

Samsung SDI returns to operating profit in Q2 with 203.8 billion won

Samsung SDI posted an operating profit of 203.8 billion won in the second quarter, returning to the black for the first time in seven quarters. Revenue rose to 3.77 trillion won. Net profit was 471.6 billion won, up sharply from the previous quarter and reversing a year-earlier loss. First-half revenue totalled 7.35 trillion won and operating profit was 48.2 billion won, turning positive from a loss a year earlier.

Industry

LG Energy Solution posts 113.3 billion won Q2 operating profit, down 77 percent year on year

LG Energy Solution posted a second-quarter operating profit of 113.3 billion won, returning to the black on higher ESS shipments and increased cylindrical battery sales. Revenue rose 24.8 percent from a year earlier to 7.56 trillion won, while operating profit fell 77.0 percent. The company recorded 241.0 billion won in North America production tax credits reflected in the quarter. First-half operating loss totaled 94.5 billion won and net loss 1.27 trillion won.