September 26, 2023

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Samsung SDI said Oct. 29 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 Samsung Group affiliate said its net profit increased on the back of equity ties with Samsung Display. 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.

By Ram Garikipati and newswires (ram@heraldcorp.com)