LG Energy Solution said on Wednesday that it recorded 4.34 trillion won in revenue and 258.9 billion won in operating profit during the first quarter.
Revenue increased 2.1% from a year prior but operating profit dropped 24.1% over the same time period.
The company said it plans to spend 7 trillion won on its facilities this year, 500 billion won higher than it initially planned.
People familiar with the matter said LG Energy Solution needs to secure profitability, increase its product competence and strengthen the quality of its batteries this year.
Its main aim should be the save on cost as raw material costs continue to increase and Russia’s invasion of Ukraine causes uncertainties, they added.