LG is one of the biggest names in the South Korean business paradigm, with its influence reaching multiple sectors. The company's energy solutions arm, LG Energy Solutions, on Monday, reported a dip in its operating profits.
Shares Boom Despite Drop In Profit
According to agency reports, this dip is about 58 per cent. Interestingly, despite this apparent dip, the energy solutions company has appeared to have had a reasonably good start to the day's trade at the Korean Stock Exchange.
The company's shares have risen steadily since the beginning of the day, on Monday, July 8, it even crossed the 1 per cent mark in their gains. Over the past 5 trading sessions alone, the company shares have made gains of over 2.55 per cent or KRW 9,000.00 (KRW= Korean Won). | LG
The company's shares have risen steadily since the beginning of the day; on Monday, July 8, it even crossed the 1 per cent mark in their gains. Over the past 5 trading sessions alone, the company shares have made gains of over 2.55 per cent or KRW 9,000.00 (KRW= Korean Won).
When it comes to the decline in profits, the numbers declined to USD 142 million in June. This visible decline is being attributed to the global drop in EV demand, which in turn has impacted battery makers like LG.
This aforementioned slowdown in demand appears to have plagued the whole industry at large, with various parts of the supply chain feeling the pinch. This decline in demand has also affected carmakers like Tesla and BYD, who have seen their sales dip in the recent past.
At 10:17 IST, the company share jumped 1.26 per cent or KRW 4,500, taking the overall value of each individual share to KRW 3,62,000. |
Company Shares Jump 1%
This dip in demand comes only a few quarters after the frenzy that took over the sale of EVs, which saw a rise in these vehicles and their market.
At 10:17 IST, the company share jumped 1.26 per cent or KRW 4,500, taking the overall value of each individual share to KRW 3,62,000.
Here, 1 Indian Rupee is equivalent to 1 Korean Won (KRW) of 16.52, and I US Dollar is equivalent to 1 Korean Won (KRW) of 1378.70.
The Korean KOSPI Composite Index gained 0.042 per cent or 1.20 points, jumping to 2,863.43.
