0609 GMT - LG Energy Solution Ltd. is among the most mentioned companies in the news over the past five hours, according to Factiva data, after the South Korean battery maker said its quarterly net profit nearly quadrupled. Fourth-quarter net profit rose to 275.60 billion won ($223.7 million) on a 92% increase in revenue to KRW8.538 trillion. Operating profit, at KRW237.40 billion, more than tripled from a year earlier but fell sequentially due to one-off costs. The company is targeting revenue growth of 25%-30% in 2023 and plans to boost capex by over 50%. The supplier of Tesla Inc., General Motors Co. and others said it expects global battery demand to grow by one-third this year, with North America driving the market's expansion. LG Energy shares were recently 1.7% lower at KRW508,000, underperforming a 0.7% gain for the Kospi. Dow Jones & Co. owns Factiva. (farah.elias@wsj.com)


(END) Dow Jones Newswires

01-27-23 0124ET