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LG Chem swings to profit on strong demand for electric car batteries

SEOUL, Jan 27 (Reuters) - South Korea’s LG Chem Ltd said on Wednesday it swung to a profit in the fourth quarter of 2020 on strong demand for its electric car batteries.

The South Korean chemicals and battery maker, whose wholly-owned battery subsidiary LG Energy Solution supplies Tesla Inc, posted operating profit of 674 billion won ($610.20 million), versus a loss of 33 billion won in the same period a year earlier.

The result is lower than the 777 billion won Refinitiv SmartEstimate derived from 19 analyst estimates. ($1 = 1,104.5500 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Christian Schmollinger)

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