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LG Energy jolted by 24% profit drop on battery recalls

Big 3 South Korean battery makers ramp up investment undeterred

An LG Energy booth at a trade show. The company is charging up its investment plans for the year. (Photo by Kotaro Hosokawa)

SEOUL -- Two of the three major South Korean battery suppliers saw a deterioration in earnings in the January-March quarter as they powered up investment and, in one case, dealt with product recalls.

LG Energy Solutions has reported that its quarterly operating profit plunged 24% on the year to 259 billion won ($204 million) in the January-March quarter despite a 2% rise in net sales to 4.34 trillion won due to recalls by two major customers in the U.S. and South Korea.

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