Samsung SDI Co., a major battery maker in South Korea, said Tuesday its third-quarter net profit increased slightly due to gains from equity ties with its affiliates.
Net profit for the July-September period stood at 217.3 billion won ($186 million), compared with 214 billion won from a year earlier, the company said in a regulatory filing.
Sales rose 1.8 percent on-year to 2.56 trillion won in the third quarter, but operating profit plunged 31 percent on-year to 165 billion won in the cited period.
The affiliate of Samsung Group said its net profit increased on the back of equity ties with Samsung Display Co. Samsung SDI holds a 15.2 percent stake in Samsung Display.
Samsung SDI said its battery business posted 1.95 trillion won in sales, up 1.5 percent from a year ago, thanks to robust sales of mid to large-sized batteries used for electric vehicles and energy storage systems.
The company logged 614.3 billion won in sales from its electronic material business, up 2.7 percent from a year earlier, on the back of solid sales of display materials.
Samsung SDI said it expects improved fourth-quarter earnings on strong demand for EV batteries, while sales of small-sized batteries are also likely to increase. (Yonhap)