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(LEAD) LG Chem Q2 net profit jumps 5 times on EV battery output

All News 09:21 July 31, 2020

(ATTN: UPDATES with reasons behind hike in net profit)

SEOUL, July 31 (Yonhap) -- LG Chem Ltd., South Korea's leading chemical firm, said Friday that its second-quarter net profit jumped five times from a year earlier on the back of improved production of electric vehicle (EV) batteries.

Net profit reached 419.1 billion won (US$352 million) in the April-June period, compared with 83.8 billion won a year earlier, the company said in a statement.

LG Chem said its EV battery plant in Poland began to produce products in a stable manner as the defect rate declined, which in turn improved its bottom line.

LG Chem also operates electric vehicle battery plants in South Korea, China and the United States.

LG Chem said its operating income surged 131.5 percent on-year to 571.6 billion won, and sales rose 2.3 percent to 6.93 trillion won over the cited period.

(LEAD) LG Chem Q2 net profit jumps 5 times on EV battery output - 1

entropy@yna.co.kr
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