ECOPRO BM recorded an operating profit of 49 billion won in the second quarter of this year. This is attributed to the increased demand for energy storage systems (ESS) and sales of cathode materials for electric vehicles.
ECOPRO BM noted on the 5th that its operating profit in the second quarter rose by 46.7 billion won (203%) compared to the previous quarter, reaching 49 billion won. During the same period, sales amounted to 629.8 billion won, a 24% increase. Compared to the previous year, sales decreased by 3.7%, but operating profit increased by 1,159%.
The increase in sales of cathode materials for electric vehicles (EV) was attributed to the strong launch and sales of key automobile original equipment manufacturer (OEM) new models. The rise in ESS demand, along with profits related to investments in Indonesia (40.5 billion won), were also reflected.
ECOPRO BM expects to continue sales growth in the second half of the year, supported by the operation of new customer factories, the anticipated resumption of subsidies in the European market, and growth prospects for ESS. The company plans to maintain an annual profit through cost reduction and production line optimization.