April 26, 2024

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Operating profit came in at 703.3 billion won beating market consensus, as that of basic material division rose more than expected and batteries have fully entered an upturn. Operating profit from batteries was higher than expected at 27 billion won. It will rise to 50.7 billion won in the third quarter and 48.6 billion won in the fourth quarter. Operating profit from the sector will increase from next year propelling the earnings improvement of the whole company, said analyst Hwang Yu-sik.

Although the firm’s third-quarter operating profit will slide 8.8 percent from the previous quarter to 641.3 billion won, the battery sector’s solid earnings momentum and stabilizing commodity price in petrochemicals will garner more expectations for the latter half, he added.

By Hwang You-mee (glamazon@heraldcorp.com)