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File photo - The logo of LG Chem is seen at its office building in Seoul, South Korea. (REUTERS)

LG Chem swings to profit on strong demand for electric car batteries

1 min read . Updated: 27 Jan 2021, 02:25 PM IST Reuters

The Tesla supplier posted operating profit of 674 billion won ($610.20 million), versus a loss of 33 billion won in the same period a year earlier.

South Korea's LG Chem Ltd said on Wednesday it swung to a profit in the fourth quarter of 2020 on strong demand for its electric car batteries.

The South Korean chemicals and battery maker, whose wholly-owned battery subsidiary LG Energy Solution supplies Tesla Inc, posted operating profit of 674 billion won ($610.20 million), versus a loss of 33 billion won in the same period a year earlier.

The result is lower than the 777 billion won Refinitiv SmartEstimate derived from 19 analyst estimates.