Samsung SDI net profit fell 54.6% year-on-year in the first quarter of 2020

SMM5, June 6: Samsung SDI reported 2020 Q1 sales of 2.39 trillion won (13.96 billion yuan), up 4.1% from a year earlier; operating profit down 54.6% to 54 billion won (320 million yuan); and net profit of 729 million won (4.259 million yuan), down 99% from a year earlier.

Sales of Samsung's SDI battery division fell 1.8 trillion won (10.51 billion yuan), down 18.8 percent from the previous month, as small cylindrical batteries fell as a result of the new crown epidemic and weak demand for domestic energy storage systems, and car power batteries fell due to sluggish market demand, according to the report.

Samsung SDI expects the negative impact of the spread of the new crown virus to really highlight in the second quarter, which will bring greater losses to sales of small cylindrical and power batteries, and is expected to gradually recover from the third quarter.

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