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(LEAD) LG Energy Solution-Q2 earnings
(LEAD) LG Energy Solution's profit more than doubles in Q2
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By Kim Seung-yeon
SEOUL, July 27 (Yonhap) -- LG Energy Solution Ltd. (LGES) said Thursday its second-quarter operating profit more than doubled from a year earlier, driven by the continued strong electric vehicle (EV) demand.
Operating income reached 460.6 billion won (US$361.5 million) in the April-June period, compared with 195.6 billion won the previous year, the company said in a regulatory filing.
Sales rose 73 percent on-year to 8.77 trillion won, with net profit of 465.1 billion won, a more than fivefold increase from a year ago.
The operating profit has been revised down from 611.6 billion won it had given for the quarter in the earnings preview, as it reflected a one-off provision of 151 billion won to repay General Motors Co. for the recalls of its Bolt EVs equipped with LGES batteries over defects.
The operating income also included the 110.9 billion won tax credits it expects to receive under the U.S. Advanced Manufacturing Production Credit (AMPC) program, LGES said.
The AMPC gives tax benefits to EV battery makers for products manufactured in North America and other regions recognized by the policy.
Compared with the previous quarter, the operating profit fell 27.3 percent.
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