SEOUL: Battery maker LG Energy Solution Ltd reported a quarterly loss for the first time in three years as cooling demand for electric vehicles hurt profitability.
The South Korean company reported a 225.5 billion won (US$154 million) operating loss for the three months ended Dec 31, compared to analyst estimates for a 16.4 billion won profit.
The result includes 380.3 billion won in US tax credits for its battery production in the country. Sales dropped 19% year-on-year to 6.45 trillion won.
LG Energy shares fell as much as 3.9% in Seoul after the earnings were released.
The results are preliminary and the company will announce final earnings later this month.