EcoPro BM posted a profit for a third straight quarter, helped by gains from its investment in Indonesia and rising sales of cathode materials for energy storage systems (ESS).
EcoPro BM said on the 4th that its operating profit in the third quarter of this year returned to the black at 50.7 billion won, compared with an operating loss of 41.2 billion won in the same period a year earlier. In the same period, revenue rose 19.8% to 625.3 billion won, and net profit was 49.3 billion won.
EcoPro BM realized 41.8 billion won in operating profit by acquiring a 10% equity stake in the PT ESG nickel smelter in Indonesia. With the group deciding to proceed with the second phase of investment in Indonesia, the company expected that the results of its local investments will continue to be reflected in earnings.
Driven by demand from data centers and renewable energy, sales of cathode materials for ESS jumped 103%, from 81.4 billion won in the second quarter to 165.4 billion won in the third quarter. The company also said it expects earnings growth from increased product sales in Europe after the completion of its Hungary plant at year-end.
EcoPro BM completed development of fourth-generation and non-spherical lithium iron phosphate (LFP) cathode materials and began preparations for mass production of mid- to low-priced lineups such as high-voltage mid-nickel (HVM) cathode materials, projecting steady growth in sales of ESS products.