Q3 profit rises 26% for LG Energy Solution amid Korea IFRS growth

TL/DR –

LG Energy Solution has announced its operating profit for the third quarter of 2021 was 756.0 billion won, a 25.7% increase from the previous year and a 567.3% increase from the second quarter. The company’s third-quarter revenue was 9.6434 trillion won, a 59% increase from the same period the previous year and a 27.6% increase from the second quarter. These figures include 416.9 billion won in advanced manufacturing production tax credit amounts under the U.S. Inflation Reduction Act, but they are tentative and subject to change following a full audit.

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In the third quarter of 2021, LG Energy Solution is provisionally recorded to have made 756.0 billion won in operating profit. This is a notable increase, both year-on-year, where it was up by 25.7%, and in comparison to the previous quarter, with an impressive surge of 567.3%.

On the 8th, the company announced tentative results on a consolidation basis. Revenue for the third quarter reached 9.6434 trillion won, marking a 59% increase from the same period the previous year. Notably, compared to the second quarter, revenue saw a rise of 27.6%.

Included in the third-quarter provisional results is an advance production tax credit of 416.9 billion won under the U.S. Inflation Reduction Act (IRA). However, if this amount is excluded, revenue for the quarter stood at 9.2265 trillion won, and the operating profit was 339.1 billion won.

These tentative results are based on estimates following the International Financial Reporting Standards (IFRS) as adopted by Korea. They have been provided before the completion of the external auditor’s audit of the accounting for LG Energy Solution’s headquarters, subsidiaries, and affiliates. As such, they might vary from the finalized results.

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