Go to Contents Go to Navigation

(LEAD) Samsung SDI Q2 net up 53 pct on robust battery sales

All News 17:18 July 30, 2019

(ATTN: ADDS more info at bottom)

SEOUL, July 30 (Yonhap) -- Samsung SDI Co., a major battery maker in South Korea, said Tuesday its second-quarter net profit jumped 53 percent on increased sales of mid- to large-sized batteries.

Net profit for the April-June period stood at 160.2 billion won (US$135 million), compared with 104.7 billion won from a year earlier, the company said in a regulatory filing.

Sales rose 6.9 percent on-year to 2.4 trillion won, while operating profit inched up 2.9 percent on-year to 157.3 billion won.

The affiliate of Samsung Group said strong sales at its battery-related business pushed up the second-quarter bottom line. Samsung SDI posted 1.8 trillion won of sales in its battery business, up 5.3 percent from a year ago.

Robust sales of electric vehicle (EV) batteries in Europe, and energy storage systems in the United States, were the main contributors, while high demand for polymer batteries for smartphones also helped, the company said.

Samsung SDI logged 581.2 billion won in sales from its electronic material business, up 1.6 percent from a year earlier.

For the second half of the year, Samsung SDI said it expects to see improved earnings as its battery shipments will increase with the introduction of new EVs, while demand for small-sized batteries for power tools and vacuum cleaners will rise.

Meanwhile, Samsung SDI said in a regulatory filing that it will sell 1 million shares, worth 279.5 billion won, in Lotte Advanced Materials Co. to Lotte Chemical Corp.


Issue Keywords
Most Liked
Most Saved
Most Viewed More
Send Feedback
How can we improve?
Thanks for your feedback!