(ATTN: UPDATES with company’s comments and details)
SEOUL, Oct. 27 (Yonhap) — Samsung SDI Co., a South Korean manufacturer of electric vehicle and smartphone batteries, said Tuesday that its third-quarter net profit rose 10.7 percent from a year earlier due in part to increased sales of EV batteries.
Samsung SDI posted a net profit of 240.6 billion won (US$213.6 million) in the July-September period, up from a net profit of 217.3 billion a year earlier, the company said in a regulatory filing.
Samsung SDI said its operating profit jumped 61.1 percent on-year to 267.3 billion won in the third quarter while its sales rose 20.2 percent on-year to 3.08 trillion won.
Samsung SDI said sales of its EV batteries surged in the third quarter on the back of enhanced support measures for buyers of electric cars in Europe, though it did not provide sales figures.
A company spokesman said the net result was also boosted by increased equity gains from its stake in Samsung Display Co., a major South Korean display panel maker.
Samsung SDI holds a 15.2 percent stake in Samsung Display.