Samsung SDI reports 72% profit drop in Q3

A frontal view of Samsung SDI Cos headquarters in Giheung south of Seoul Courtesy of Samsung SDI Co — A frontal view of Samsung SDI Co.'s headquarters in Giheung, south of Seoul. Courtesy of Samsung SDI Co.

SEOUL, October 30 (AJP) - Samsung SDI Co., one of South Korea's major electric vehicle (EV) battery manufacturers, revealed on Wednesday a 72.1 percent drop in third-quarter operating profit to 129.9 billion won (US$93.8 million).

Revenue fell by 29.8 percent to 3.94 trillion won in the July-September quarter.

Although battery supply to its North American partner facilities increased, its flagship battery division saw operating profit plunge 85 percent from a year earlier to 63.5 billion won.

"Despite challenging business conditions, we have laid the groundwork for a mid- to long-term growth, centered on premium prismatic batteries," Samsung SDI CEO Choi Yoon-ho said. "We will seize new opportunities as market demand recovers, backed by our industry-leading technological competitiveness and quality."

Kim Dong-young davekim0807@ajupress.com

Samsung SDI reports 72% profit drop in Q3

Related

Samsung SDI unveils next-generation mobility batteries at expo

KEPCO builds largest energy storage system in Asia

South Korea lags behind global competition in semiconductor, battery subsidies