Cosmo AM&T returns to profit in Q3

Cosmo AM&T has succeeded in turning a profit in the third quarter of 2020.

This is thanks to expanded supply for cathode materials for electric vehicle (EV) batteries.

The company posted 3.3 billion won in operating income and 46 billion won in sales in the third quarter.

It was a slight decline in sales year-on-year but the company returned to the black.

Cosmo succeeded in changing its main offering from lithium cobalt oxide to lithium cobalt manganese __ the former is used for small mobile devices while the latter is used for energy storage systems and EVs.

Cosmos has already bought a 2,400 metric tonnes per year precursor factory line from STM, an subsidiary of Samsung SDI. This will expand its capacity supply cathode materials going forward.

Cosmos said its factory was at full operation and it expects fourth quarter earnings to be even better.

Film demand for multi layer ceramic capacitors were also rising, the company said, and it expected 2021 earnings to be strong as well.