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(LEAD) Samsung SDI's Q1 net dips on reduced equity gains

All News 14:26 April 29, 2020

(ATTN: UPDATES with company's comments and details; ADDS photo)

SEOUL, April 29 (Yonhap) -- Samsung SDI Co., a South Korean manufacturer of electric vehicle and smartphone batteries, said Wednesday its first-quarter net profit plunged 99 percent from a year earlier due to reduced gains from equity ties with an affiliate.

Samsung SDI posted a net profit of 729 million won (US$598,600) in the January-March period, down from a net profit of 57.9 billion a year earlier, the company said in a regulatory filing.

This photo, provided by Samsung SDI Co., shows its electric vehicle batteries. (PHOTO NOT FOR SALE) (Yonhap)

Samsung SDI said its operating profit fell 54.5 percent on-year to 53.9 billion won in the first quarter.

Still, its sales rose 4 percent on-year to 2.39 trillion won.

A company spokesman said the net result can be pinned on reduced gains from its stake in Samsung Display Co., a major South Korean display panel maker.

Samsung SDI holds a 15.2 percent stake in Samsung Display.

entropy@yna.co.kr
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