LG Energy Solution reported that its fourth quarter performance for last year showed revenues of 6.4512 trillion won and an operating loss of 225.5 billion won, according to a disclosure on the 9th. Compared to the fourth quarter of 2023, revenues declined by 19.4% and the company turned to a loss. This marks the first quarterly loss recorded since the third quarter of 2021.
The operating profit for the fourth quarter of last year included 377.3 billion won from the Advanced Manufacturing Production Credit (AMPC) under the U.S. Inflation Reduction Act (IRA). Excluding this, the operating loss for the fourth quarter of 2024 is 602.8 billion won, with an operating profit margin of -9.3%.
For the entire year of 2024, revenues are projected to be 25.6196 trillion won, with an operating profit of 575.4 billion won. Compared to the previous year, revenues decreased by 24.1%, and operating profit dropped by 73.4%.