EcoPro BM said in a filing on the 29th that, on a consolidation basis, operating profit for the first quarter this year was 20.9 billion won, up 822.6% from a year earlier, based on preliminary figures.
Revenue for the same period was 65.4 billion won, down 3.9% from a year earlier. Net profit returned to the black at 12.2 billion won.
Higher supply of cathode materials for European electric vehicles and growing demand for energy storage systems (ESS) driven by the global spread of artificial intelligence (AI) infrastructure supported earnings. First-quarter revenue from cathode materials for ESS jumped 140% from a year earlier.
The company said its Hungary plant is set to begin mass production in the second quarter this year, and that rising sales of new electric vehicles by European original equipment manufacturers (OEMs) are expected to have a positive impact on this year's results. EcoPro BM in November last year completed a cathode materials plant in Debrecen, Hungary, with an annual capacity of 54,000 tons.
Kim Jang-woo, chief operating officer of EcoPro BM, said, "We will continue to expand the supply of high value-added cathode materials in line with the spread of AI and the recovery in the electric vehicle market," adding, "Through successful mass production at the Hungary plant, we will establish ourselves as a key player in the intra-Europe supply chain and maintain steady growth."