All data are based on the daily closing price as of May 23, 2024

Lotte Energy Materials Achieves Record Sales in Q3 Fueled by Copper Foil Demand

Lotte Energy Materials reports Q3 sales of 217.7 billion won with a boost from increased copper foil sales, demonstrating strong performance despite a gradual slowdown in the electric vehicle market
South Korea
l 020150.KO Anime 20 Tech 350
Share this on

In its latest financial report, Lotte Energy Materials reveals its strongest quarterly sales performance driven by heightened demand for copper foil. The company’s product technology and long-term supply contracts have played pivotal roles in this success, countering a gradual deceleration in the electric vehicle market.

The consolidated figures for the third quarter of this year show provisional sales of 217.7 billion won, marking a notable 10% increase compared to the second quarter’s 198.2 billion won. Operating profit also experienced growth, reaching 3 billion won from the previous 1.5 billion won. The company’s cash assets, totaling 519.9 billion won at the end of the third quarter, rose by 150.4 billion won from the previous quarter.

Despite a dip in electric vehicle demand, Lotte Energy Materials attributes its commendable performance to the strategic focus on high-quality copper foil production. The company’s emphasis on quality has evidently paid off.

Anticipating continued improvement, the company foresees a positive fourth-quarter performance as it advances in corporate management innovation initiatives. An official from Lotte Energy Materials emphasized plans to implement a systematic work system, diversify its customer base, and secure stable demand from key clients. These measures are expected to drive increased operational efficiency and sales volume in the final quarter of the year, ultimately enhancing profitability.

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top