LG Energy Solution Q2 profit jumps 136% on strong demand for EV batteries

LG Energy Solution Q2 profit jumps 136% on strong demand for EV batte

South Korea's LG Energy Solution Ltd on Thursday posted a 136% jump in quarterly profit, helped by rising demand for electric vehicle (EV) batteries.

The company, which supplies General Motors Co, Tesla Inc, and others, reported an operating profit of 461 billion won ($362.68 million) for the April-June period, versus 196 billion won a year earlier.

That compared with the company's estimate of 612 billion won announced earlier this month and an average analyst forecast of 641 billion won compiled by Refinitiv SmartEstimate.

LGES said it had reflected one-off cost of 151 billion won for General Motors' Bolt electric vehicle recall.

Revenue for the quarter rose 73% to 8.8 trillion won, LG Energy said in a regulatory filing.