Operating profit KRW 65.7 billion… 69% decline compared to the previous year
The stock price of the ‘EcoPro Three Brothers’, which led the secondary battery craze, fluctuated, plummeting by nearly 6% at one point during the day in the aftermath of the ‘earnings shock’ in the third quarter.
According to the Korea Exchange on the 16th, EcoPro closed at 835,000 won in the KOSDAQ market, up 0.24% from the previous trading day. Immediately after opening, the price plunged to 785,000 won and even collapsed to the 800,000 won level, but low-price buying began to flow in just before closing. EcoPro BM, an EcoPro affiliate, closed at 242,500 won, down 1.42%, and Ecopro HN closed at 67,900 won, down 1.74%.
The provisional performance announced after the market closed on the 13th, the previous trading day, fell significantly below market expectations. EcoPro’s consolidated operating profit in the third quarter was KRW 65.7 billion, a 68.9% decrease compared to the same period last year. Ecopro BM and Ecopro HN’s operating profits also decreased by 67.6% and 11.8%, respectively, over the same period.
However, the performance in the second quarter was lower than expected, but considering that EcoPro’s stock price was high at the time, exceeding 1.2 million won, it is difficult to view this sharp decline as a performance issue only.
The explanation is that this is the result of a decline in investment sentiment due to the impact of the prolonged high interest rates in the United States, the stock price starting to decline as the secondary battery craze cooled down last month, and the growing caution of the expansion of risks in the Middle East.
Reporter Seong Kim
2023-10-16 16:22:30
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