LG Power Answer Q2 Revenue Jumps 136% on Sturdy Demand for EV Batteries

SEOUL (Reuters) – South Korea’s LG Power Answer Ltd on Thursday posted a 136% leap in quarterly revenue, helped by rising demand for electrical automobile (EV) batteries.

The corporate, which provides Basic Motors Co, Tesla Inc, and others, reported an working revenue of 461 billion received ($362.68 million) for the April-June interval, versus 196 billion received a 12 months earlier.

That in contrast with the corporate’s estimate of 612 billion received introduced earlier this month and a mean analyst forecast of 641 billion received compiled by Refinitiv SmartEstimate.

LGES mentioned it had mirrored one-off value of 151 billion received for Basic Motors’ Bolt electrical automobile recall.

Income for the quarter rose 73% to eight.8 trillion received, LG Power mentioned in a regulatory submitting.

(Reporting by Heekyong Yang and Jihoon Lee; Enhancing by Shri Navaratnam)

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