By Kwanwoo Jun


LG Energy Solution Ltd.'s fourth-quarter net profit nearly quadrupled on year thanks as it increased production amid solid demand for electric-vehicle batteries.

Net profit for the quarter ended in December was 275.60 billion won ($223.7 million) compared with net profit of KRW71.80 billion in the same quarter a year earlier, the South Korean battery maker said Friday.

That beat a FactSet-compiled consensus forecast for net profit of KRW145.53 billion.

Revenue during the quarter rose 92% on year to KRW8.538 trillion, while operating profit more than tripled to KRW237.40 billion, matching the company's preliminary forecasts.

For the full year, revenue rose 43% to KRW25.599 trillion and operating profit jumped 58% to KRW1.214 trillion in line with the company's estimates. Net profit fell 16% to KRW779.83 billion in 2022.

The company said its EV battery joint venture with General Motors Co. began ramping up production to meet solid demand, which helped boost revenue growth, but one-off costs for employee performance incentives and provisions for recalling faulty residential energy-storage systems dented its profit.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

01-26-23 2038ET