Samsung SDI said Tuesday the firm has made a turnaround in the third quarter on the back of stable and even growth in both battery and electronic material businesses.
The firm posted 1.7 trillion won ($1.5 billion) in sales, a rise of 32.4 percent, and 60.2 billion won in operating profit, making a turnaround with the rise of 170 billion won year-on-year.
Samsung SDI said its rebound was driven by solid performance in both of its battery and electronic materials.
Its battery sales rose from European automakers’ rising demand for their electric cars, and from growing demand for energy storage system for power and industrial usages. The firm’s electronic material business saw sales rise by capitalizing on booming chip and display markets as well as the Chinese solar energy market.
The battery maker was also upbeat about the following quarterly sales.
“We expect large-sized batteries will continue to see sales growth in the European automotive market as well as in the domestic and European ESS market. The small-sized battery will also see sales rise with the rollout of new smartphones from our clients (in the latter half of this year),” a Samsung SDI’s spokesperson said.
“The electronic material business will also see solid performance as the favorable chip market is expected to continue,” he added.
By Shin Ji-hye (email@example.com)