LG Energy Solution's operating profit for the first quarter of this year increased significantly compared to the same period last year. However, excluding the tax credit benefits received in the United States, it appears that the company continued to operate at a loss.
LG Energy Solution reported an operating profit of 374.7 billion won for the first quarter, which is an increase of 138.2% from the same period last year, according to a disclosure on the 30th. Sales totaled 6.265 trillion won, a 2.2% increase compared to the same period last year, while net income rose by 6.8% to 226.6 billion won.
However, LG Energy Solution explained that the operating profit for the first quarter includes the Advanced Manufacturing Production Credit (AMPC) under the U.S. Inflation Reduction Act (IRA). It noted that excluding this, the company incurred an operating loss of 83 billion won for the first quarter.
LG Energy Solution recorded an operating loss of 225.5 billion won and a net loss of 411 billion won in the fourth quarter of last year.