LG Energy Solution-Q2 earnings

LG Energy Solution Q2 net tumbles 86 pct amid supply chain disruptions

SEOUL, July 27 (Yonhap) -- South Korean battery maker LG Energy Solution Ltd. (LGES) said Wednesday its second-quarter net profit tumbled 85.7 percent from a year earlier amid persistent global supply chain disruptions and other factors.

Net income reached 89.9 billion won (US$68.7 million) in the April-June period, compared with 630.3 billion won the previous year, the company said in a regulatory filing.

Operating profit came to 195.6 billion won, down 73 percent from 724.3 billion won a year ago, with sales edging down 1.2 percent to 5.07 trillion won.

In a separate filing, LGES said it revised up its revenue for this year to 22 trillion won from 19.2 trillion won. The capital expenditure for 2022 was also readjusted to 7 trillion won from 6.3 trillion won earmarked previously.

The earnings report was released before the market opened.

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