SEOUL, April 30 (Reuters) - South Korean battery firm LG Energy Solution (LGES) 373220.KS on Wednesday posted a 138% rise in first-quarter profit, helped by favourable foreign exchange rates that cushioned slowing growth of electric vehicle $(EV)$ sales in major overseas markets.
LGES, which supplies Tesla TSLA.O, General Motors GM.N and Hyundai Motor 005380.KS among others, reported an operating profit of 375 billion won ($261.96 million) for the January-March period, in line with earlier guidance.
The result compared with a 157 billion won profit a year earlier.
The company would have made an 83 billion won operating loss without a tax credit received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing.
($1 = 1,431.5000 won)
(Reporting by Heekyong Yang and Joyce Lee; Editing by Christopher Cushing)
((Heekyong.Yang@thomsonreuters.com;))
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