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[Alpha Biz=(Chicago) Reporter Kim Jisun] L&F announced on the 6th that its operating profit in the third quarter of this year was tentatively estimated at 14.8 billion won, down 85.0% from a year earlier. Sales rose 1.0 percent to 1.2554 trillion won over the same period.
L&F explained that this year's drop in prices of raw materials such as lithium and falling demand for electric vehicles affected its performance. It was also said that the loss from the inventory evaluation was reflected by 10 billion won.
It also said it expects shipments to drop by -20 percent in the fourth quarter, given uncertainties in demand for the electric vehicle market and possible year-end inventory adjustment by customers.
However, although the growth of the electric vehicle market is currently slowing down, it is predicted that there will be no change in the direction of the conversion policy to EV in the auto market in the mid- to long-term.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
