L&F(066970) said in a filing on the 6th that, on a consolidation basis, operating profit for the second quarter came to 20.8 billion won, turning to a profit from a year earlier, based on preliminary figures.
Revenue for the same period rose 70.2% to 885 billion won. Net profit returned to the black at 52.9 billion won.
Helped by expanded sales of high-nickel cathode materials, second-quarter shipments hit a quarterly record high. An L&F official said, "Stable exclusive supply of ultra-high-nickel products and expanded sales of 46-phi products for new North American customers drove earnings growth," adding, "Sales of the 46-phi products exceeded the plan set at the start of the year."
L&F expected the earnings growth trend to continue in the third quarter. In particular, it projected that annual shipments of NCM (nickel, cobalt, manganese) cathode materials this year would significantly exceed the plan set at the start of the year.
Recently, L&F completed shipments of LFP (lithium, iron, phosphate) prototypes for energy storage systems (ESS) to multiple customers. It plans to begin full-scale supply from the end of the third quarter.
Ryu Seung-heon, L&F's CFO, said, "In the third quarter, as the single-crystal high-nickel new project and LFP supply for North American ESS move into full swing, we will accelerate the two-track growth foundation with NCM and LFP as the two pillars."