Seoul: LG Energy Solution on Thursday reported a first-quarter net loss of 944 billion won (US$635.8 million), turning from a profit of 226.6 billion won a year earlier. The company attributed this downturn to several financial pressures and market conditions impacting their performance during the January-March period.

According to Yonhap News Agency, the company also revealed in a regulatory filing that it posted an operating loss of 207.8 billion won for the first quarter, a significant decline from the 374.7 billion won profit recorded in the same period last year. Additionally, LG Energy Solution's revenue decreased by 2.5 percent, totaling 6.55 trillion won.

The shift from profit to loss underscores the challenges faced by the company in the current economic climate. Analysts are closely monitoring the situation as it develops, with many looking to the company's future strategies to recover and bolster its financial standing.