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LG Chem Posts Record Quarterly Sales

April 21/2010

(Korea Times) -- LG Chem, Korea's top chemical firm by sales, said Tuesday it has clinched record quarterly sales during the first three months of this year mainly helped by an increased share of the global market for information technology products.

 

A market turnaround in the petrochemical sector has also lifted the demand for products in China, contributing to a strengthened cash balance sheet. Inspired by the strong results, LG Chem shares rose 2.08% to end at 245,000 won on the nation's main bourse, according to data from the Korea Exchange (KRX).

 

In a regulatory filing to the KRX, LG Chem said its first quarter net profit surged by 73% to 517.7 billion won year-on-year, while the quarterly operating profit also jumped 34.6% to 652.4 billion won during the same period.Sales reached a record 4.42 trillion won, an increase of 32% from a year ago, the company said.

 

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