LG Energy Solutions has announced its preliminary results for the fourth quarter of 2023.
The revenue is 8 trillion and 14 billion won, with an operating profit of 338.2 billion won. Compared to the same period last year, revenue has decreased by 6.3%, while operating profit has increased by 42.5%. Compared to the previous quarter, revenue decreased by 2.7%, and operating profit decreased by 53.7%.
The tax credit under the U.S. Inflation Reduction Act (IRA) for Advanced Manufacturing Production Credit (45X) amounts to 250.1 billion won, making the operating profit excluding this amount 88.1 billion won.
The annual revenue for 2023 is 33 trillion 74.55 billion won, with an operating profit of 2 trillion 16.32 billion won. Compared to last year, revenue has increased by 31.8%, and operating profit has increased by 78.2%.
The preliminary results are based on estimates in accordance with the Korean International Financial Reporting Standards (IFRS) and are provided for the convenience of investors.
Lee Sang-jin daedusj@autodiary.kr