Batteries energize LG Chem s 2020 earnings
Posted : 2021-01-27 16:43
By Baek Byung-yeul
LG Chem displayed stellar earnings performance in 2020, achieving record-high sales thanks to robust demand for its electric vehicle (EV) batteries, the company said Wednesday.
Sales increased 9.9 percent year-on-year to 30.57 trillion won ($27.65 billion) in 2020, while operating profit surged 185.1 percent to 2.35 trillion won in 2020, according to LG Chem. Fourth-quarter sales rose to a record-high 8.98 trillion won, while operating profit stood at 673.6 billion won for the final three months of 2020. Despite the COVID-19 pandemic, LG Chem posted over 30 trillion won in sales in 2020, which was a first and up 10 percent from a year ago, Cha Dong-seok, chief financial officer at LG Chem, said. The company s earnings before interest, tax, depreciation and amortization (EBITDA) came in at 4.6 trillion won. EBIDTA is an indicator of a company s profitability.
LG Energy Solution contemplates IPO destination
Posted : 2020-12-16 09:10
Updated : 2020-12-16 20:18
People walk past LG Group s headquarters on Yeouido, Seoul, in this file photo. / Korea Times file
By Kim Bo-eun
Following the spinoff of LG Chem s battery business earlier this month, attention is now focusing on where the new corporate body LG Energy Solution will conduct its planned IPO.
While the company states key decisions have yet to be made, earlier remarks by key executives have indicated the unit is considering overseas. We will review an IPO based on the amount of funds needed after setting up the new corporate body, LG Chem s CFO Cha Dong-seok told major shareholders in a conference call in September. Other markets will not be ruled out considering their size and adequacy.