Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = LG Energy Solution has released its preliminary performance results for the fourth quarter of 2023.

The company reported sales of KRW 8.14 trillion and operating profit of KRW 338.2 billion. Compared to the same period last year, sales decreased by 6.3%, while operating profit increased by 42.5%. Sequentially, sales were down by 2.7%, and operating profit decreased by 53.7%.

The tax credit under the Advanced Manufacturing Production Credit (45X) of the U.S. Inflation Reduction Act (IRA) amounted to KRW 250.1 billion. Excluding this amount, operating profit was KRW 88.1 billion.

For the full year of 2023, LG Energy Solution reported annual sales of KRW 33.7455 trillion and operating profit of KRW 2.1632 trillion. Compared to the previous year, this represents a 31.8% increase in sales and a significant 78.2% increase in operating profit.

The preliminary results were estimated based on the International Financial Reporting Standards (IFRS) adopted in Korea and are provided for the convenience of investors.

By Eun-young Huh(eunyoung114@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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