(PRZWT)-On April 7th, according to foreign media reports, with the increasing demand for electric vehicles, the demand for batteries has also significantly increased. The performance of strong battery manufacturers is also constantly improving. LG New Energy's sales and operating profit in the first quarter of this year are expected to increase significantly year-on-year.
According to reports from foreign media, LG New Energy predicts on Friday local time that their sales in the first quarter of this year will reach 8.74 trillion won, a significant increase of 101.4% year-on-year.
Not only has sales increased significantly year-on-year, LG New Energy expects their operating profit for the first quarter to increase significantly year-on-year, to 633.2 billion Korean won, or approximately 480 million US dollars, an increase of 144.6% year-on-year.
Foreign media reported that LG New Energy's expected operating profit also exceeded analysts' expectations, which was 26.8% higher than the average expectation of multiple analysts.
LG New Energy's previous financial report showed that they had revenue of 25.6 trillion won and operating profit of 1.2 trillion won in 2022. The expected operating profit of 633.2 billion won in the first quarter is already half of last year's full year. If they continue to increase in the following three quarters, their full year operating profit will also increase significantly year-on-year.
When LG New Energy released its financial report on January 27th to disclose its performance for the fourth quarter and full year of last year, it set a revenue target of 25% -30% year-on-year growth for this year and 101.4% year-on-year growth for the first quarter, which will also help them achieve their annual revenue growth target.
