South Korea's LG Energy Solution says Q2 profit likely up 152% on year
LGES said its operating profit was likely 492 billion won (S$461 million) for the April to June period.
That compared with a 195 billion won profit a year earlier and a 294 billion won profit forecast compiled by LSEG SmartEstimate, weighted towards analysts who are more consistently accurate.
Analysts said LG Energy Solution's operating profit likely benefited from extra demand by automakers in the second quarter, as many rushed to secure battery cells ahead of potential US tariffs. Automakers were also likely betting on a recovery in sluggish electric vehicle demand, prompting early purchases.
The South Korean battery maker said it expected an operating profit of 1.4 billion won in the second quarter, excluding tax credits under the US Inflation Reduction Act.
LGES is expected to release detailed results in late July. REUTERS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
a day ago
- Straits Times
US wants South Korea to join efforts to counter China in shipbuilding
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: The South Korean and American flags fly next to each other at Yongin, South Korea, August 23, 2016. Picture taken on August 23, 2016. Courtesy Ken Scar/U.S. Army/Handout via REUTERS/File photo SEOUL - The U.S. wants South Korea to join efforts to counter China's growth in shipbuilding via potential cooperation in the sector, a senior official from Seoul's trade ministry said on Friday. "The United States feels a sense of crisis that China's market share in the shipbuilding sector is growing and is tapping Korea as a strategic partner," Trade Policy Director Chang Sung-gil said at a forum hosted by a lawmaker. The U.S. is asking Seoul to join measures to curb China in "other areas" as the "precondition" for bilateral cooperation in shipbuilding, he said, without elaborating. He later clarified that he was referring to the shipbuilding sector as the potential area where the United States wants Seoul to join hands in terms of taking on China. The U.S. had also expressed reservations when it comes to cutting or eliminating industry-specific tariffs, such as those on automobiles and steel, Chang said. The United States is asking Seoul to boost U.S. investments and purchases of U.S. energy and agriculture products in return for negotiating over reciprocal tariffs of 25%, he said, but added "there is a lot of political sensitivity in South Korea when it comes to expanding imports of agricultural products." REUTERS
Straits Times
a day ago
- Straits Times
The Chic Home: Modern Manhattan in Singapore penthouse
Sign up now: Get ST's newsletters delivered to your inbox This duplex penthouse in Cairnhill Circle is the holiday home of an Indonesian businesswoman and her family. SINGAPORE – A duplex penthouse in Cairnhill Circle is the holiday home of Indonesian businesswoman Silvia Kurniady and her South Korean husband, both in their 40s, and their teenage son and four-year-old daughter. The 3,993 sq ft unit was over a decade old when Ms Kurniady bought it. It was in its original condition, with minimal work done by the former owner. To overhaul the home, Ms Kurniady enlisted the help of her friend Eddy Kuswandi, design director of Singapore-based firm Enoch ID, whom she had worked with on a previous home. The double-volume private lift lobby is now a single volume space, with a home office directly above it on the second storey. The design team removed the kitchen walls, combining the dry kitchen with the living and dining areas into one bright, airy open-concept space. The kitchen island extends into a dining table. PHOTO: SPH MEDIA Mr Kuswandi also added a kitchen island that extends into a dining table. Echoing this long, linear element is a mirrored wall that extends across the kitchen and dining spaces, reflecting the view of the city beyond the floor-to-ceiling windows leading to the balcony. A curved sofa from Dutch brand Leolux sits in the living area. PHOTO: SPH MEDIA In the living area, a curved sofa from Dutch brand Leolux, which the home owners acquired in Seoul, and a pair of Lido chairs from Italian brand Minotti, are set against a panoramic backdrop of the city skyline. Top stories Swipe. Select. Stay informed. Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties World Trump to use presidential authority to send weapons to Ukraine, sources say Opinion Whisper it softly, there's a new Japan rising Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC Business Aster Chemicals in talks to buy Esso petrol stations in Singapore: Sources World The $12.8m bag: Original Birkin smashes records at Paris auction Asia Tariffs overshadow diplomacy as Asean foreign ministers press on with meetings Singapore What 'skills first' really means: Panellists at SkillsFuture Forum talk culture, systems, mindsets There are two bedrooms on the first storey: the daughter's room and a guest room. These were reconfigured and the bedroom entrances reoriented to make better use of a dead corridor space outside the bedrooms and the powder room. The bed in the daughter's room can be moved to one side to create more room for play. PHOTO: SPH MEDIA The daughter's bedroom has a salmon-pink theme established by the abstract wall covering behind the bed. Elevated on a platform, the bed can be moved to one side to create more room for play. There is built-in storage in the bedhead, plus wall-to-wall wardrobes for clothes and toy storage. Two single beds accommodate the couple's parents or siblings when they stay over. PHOTO: SPH MEDIA A pastel green and grey palette sets the guest room apart. Two single beds accommodate the couple's parents or siblings when they stay over. One side of the room's L-shaped bay window is a settee overlooking the city, while the other is a combination of a shelving unit and a ledge for hand luggage. Blown molecule glass on the wall of the master bedroom injects dynamism. PHOTO: SPH MEDIA On the second storey, the master bedroom exudes a tranquil ambience with its light neutral palette. The headboard wall features bleached oak panelling with blown molecule glass that injects dynamism into the space, as it appears to glide across the wall. One side of the bay window has a lounge chair for relaxing or reading. On the other side is a low cabinet with an open, full-height bronze steel-and-glass shelving unit. A vanity island stands in the middle of the master bathroom. PHOTO: SPH MEDIA The master bathroom and walk-in wardrobe were opened up, with the shower box, water closet, twin basins and walk-in wardrobe pushed against the walls. This freed up space in the middle for a vanity island. The son's bedroom is decked out in grey and brown tones. PHOTO: SPH MEDIA The son's bedroom is decked out in grey and brown tones. The space previously opened to a roof terrace, but Mr Kuswandi converted the space into a study-cum-wardrobe to better suit the teenager's needs. The roof terrace offers a view of the Cairnhill area. PHOTO: SPH MEDIA Outside, the roof terrace offers a view of the Cairnhill area all the way to Marina Bay. Mr Kuswandi raised the platform and built in an L-shaped sofa bench, with the tiered design and steps adding interest to the otherwise flat terrace. 'The planter box continues on into a dining table and a reflective pool,' he says. 'I also took into consideration the fact that this is a holiday home, so the design and the plants should be low-maintenance.' The renovations took eight months and were completed in 2022, with some delays due to the Covid-19 pandemic.
Straits Times
a day ago
- Straits Times
G-Dragon's Bangkok concert canceled amid fan protest over agency's tour mismanagement
Sign up now: Get ST's newsletters delivered to your inbox South Korean singer G-Dragon was originally scheduled to perform at the Rajamangala National Stadium in Bangkok on Aug 2. SEOUL - G-Dragon's Ubermensch world tour stop in Bangkok has been canceled, fueling growing frustration among fans over the disorganised rollout of the South Korean singer's highly anticipated comeback tour. Concert organiser AEG Presents Asia announced on July 10 that the show, originally scheduled for Aug 2 at Rajamangala National Stadium in Bangkok, had been called off due to 'unforeseen circumstances'. The promoter issued an apology for the inconvenience and disappointment, but failed to provide a specific reason for the cancellation. The sudden change has deepened discontent among fans, many of whom had already raised concerns over the handling of the tour by the singer's agency, Galaxy, especially regarding the Thailand stop. These concerns stem partly from Galaxy's identity as an entertainment-technology company that primarily focuses on metaverse and AI sectors, rather than traditional entertainment management. Originally, the Bangkok concert was scheduled at an outdoor venue during the country's rainy season — one of the hottest and most humid times of the year. Even as the date neared, ticketing and seating information had not been provided, causing anxiety and criticism from both domestic and international fans. Top stories Swipe. Select. Stay informed. Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties World Trump to use presidential authority to send weapons to Ukraine, sources say Opinion Whisper it softly, there's a new Japan rising Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC World The $12.8m bag: Original Birkin smashes records at Paris auction World White House launches fresh attack on Fed chief Powell, slams 'gross mismanagement' of finances Asia Tariffs overshadow diplomacy as Asean foreign ministers press on with meetings Singapore What 'skills first' really means: Panellists at SkillsFuture Forum talk culture, systems, mindsets The Bangkok show is the latest flashpoint in a months of controversies surrounding Galaxy's management of G-Dragon's comeback . From July 8 to 10, fans organised a truck protest near the company's headquarters in Yeouido, Seoul, calling for accountability and transparency. The video messages aired on the truck screens accused the agency of last-minute planning, opaque operations and failing to prioritise premium fan club members in ticket sales. At the heart of the discontent is the exclusive presale structure for the concerts. Despite being paid members of the official fan club, many fans found that VIP tickets for overseas concerts were released first through third-party platforms. Some international fans began questioning the value of fan club membership. Fans have also criticised the choice of small venues in cities such as Macao, Jakarta and Melbourne, which failed to meet local demand. Additional shows were often added with little notice, resulting in grueling three-day performance schedules for the artist. Fans raised concerns about the potential impact on G-Dragon's health and the lack of long-term planning. The US and European legs of the tour have not been spared controversy. Concerts were announced only two months in advance — a tight timeline for destinations requiring travel visas — and so far, Paris remains the only confirmed city in Europe. This has sparked speculation about whether the company has struggled to secure venues. An executive from one of the major K-pop agencies said that not all responsibility lies with Galaxy. 'World tour venues are usually booked by local or global promoters. It's likely that G-Dragon didn't hand over full control to Galaxy. The tour seems rushed, perhaps because he wanted to meet as many fans as possible in a short time following his album release,' the executive said. Still, the executive acknowledged that Galaxy does not have a strong track record in music management. 'They've never been known for managing artists, and G-Dragon should have been aware of that. This was his decision, and it came with risks.' Fans have also voiced dissatisfaction with the agency's legal follow-through. Galaxy announced in April that it would pursue legal action against malicious online posts, but three months on, fans say there has been no progress or updates. Some question whether the agency is genuinely committed to protecting the artist. Adding to the frustration is the perception that Galaxy has been using G-Dragon's image to promote itself. Galaxy CEO Choi Yong-ho has appeared frequently in media and marketing tied to the artist's activities, leading some fans to accuse the agency of prioritising brand exposure over looking after its artist. Galaxy has yet to release a statement in response to the cancellation or fan protests. Despite the Bangkok setback, he is still scheduled to perform in Kuala Lumpur, Jakarta, Hong Kong, Newark, Los Angeles and Paris as part of the ongoing tour. G-Dragon joined Galaxy Corporation in November 2023 after leaving YG Entertainment. THE KOREA HERALD/ASIA NEWS NETWORK
