LG Energy Solution said on Thursday it posted fourth-quarter revenue of 6.1415 trillion won and an operating loss of 122.0 billion won. Revenue rose 7.7 percent from the previous quarter, but operating profit swung to a loss.
Revenue fell 4.8 percent from a year earlier. The operating loss narrowed to 122.0 billion won from 225.5 billion won, an improvement of 45.9 percent.
Tax credits had a major impact on the results. Tax credits, including the Advanced Manufacturing Production Tax Credit (45X) under the U.S. Inflation Reduction Act (IRA), totalled 332.8 billion won.
The operating loss excluding the tax credits came to 454.8 billion won. That marked a deterioration of more than 1.2 trillion won from an operating profit of 601.3 billion won in the previous quarter.
For the full year, it posted revenue of 23.6718 trillion won and operating profit of 1.3461 trillion won. Revenue fell 7.6 percent from a year earlier, while operating profit rose 133.9 percent from 575.4 billion won. Tax credits were a main factor behind the improvement.
Daegeon Seok
d2dg@d-today.co.kr