Ecopro BM returned to annual profitability on gains from its equity investment in an Indonesia smelter and a recovery in European electric vehicle cathode material sales. The company said on Wednesday it posted fourth-quarter revenue of 499.2 billion won and operating profit of 41.0 billion won. Revenue rose 7 percent from a year earlier and operating profit swung to a gain.

For the full year, it reported revenue of 2.53 trillion won and operating profit of 142.8 billion won. Revenue fell 8 percent from a year earlier, but operating profit returned to positive territory.

The company attributed the improvement to gains from its Indonesia investment and a recovery in European cathode material sales. Ecopro BM generated investment gains after acquiring a 10 percent stake in the PT ESG smelter in the Indonesia Morowali Industrial Park (IMIP).

It also said fourth-quarter sales of cathode materials for electric vehicles in Europe totalled 308.8 billion won, up 4 percent from 298.0 billion won in the previous quarter. The company said a recovery in the European EV market led to higher cathode material sales.

Ecopro BM will start commercial production at its Hungary plant in the first half of this year. The cathode material plant in Debrecen, Hungary has annual production capacity of 54,000 tonnes. It also expects EV subsidies to expand in Britain and Germany this year. The company plans to expand new customers by securing a large production base in the region.

It is also accelerating development of materials for all-solid-state batteries. Ecopro BM is operating a pilot plant for solid electrolytes, a key material for all-solid-state batteries, and is conducting quality verification with customers. It also said it is developing cathode materials for all-solid-state batteries using its nickel-rich ternary cathode material technology.

Kim Jang-woo (김장우), Ecopro BM's chief executive, said, "We plan to accelerate efforts to secure major European automakers as customers, using the start of commercial production at the Hungary plant as a turning point." He added, "We plan to increase investment in developing future battery materials to be applied to robots and other uses."