LS MnM, a nonferrous metal materials corporations of LS Group, said on the 22nd that last year's operating profit fell 29.2% from a year earlier to 224.8 billion won. During the same period, revenue rose 23.3% to 14.9424 trillion won, and net profit increased 39.9% to 106.7 billion won.
LS MnM said the decline in operating profit was due to changes in exchange rates and metal prices. In 2024, operating profit increased as the won-dollar exchange rate rose at the time of product sales compared with raw material purchases, but last year the exchange rate remained moderate throughout the year.
The company added that because revenue fluctuates significantly with exchange rates and metal prices, it runs a hedging system, and the related profit and loss effects are reflected in non-operating profit and loss rather than operating profit. It said profit before income tax last year rose 57.1% from a year earlier to 141.4 billion won.
LS MnM said revenue hit a record high, a meaningful result despite a decline in refining fees for electrolytic copper, the main source of revenue. The increase in revenue was driven by higher metal prices and exchange rates and improved profitability in a range of product groups including sulfuric acid products and precious metals.
LS MnM said, "This year's market environment is expected to be favorable for results, as the premium for electrolytic copper is rising and conditions for sulfuric acid products and precious metals are stable," adding, "We will enhance profitability in the smelting industry and push in earnest the battery materials business, our new growth engine."