MOSCOW (MRC) -- LG Chem Ltd., South Korea's top chemicals firm, said Tuesday that its third-quarter net profit sank 13 percent from a year earlier on seasonal factors and the local currency's increase compared to the U.S. dollar, said Yonhapnews.
Net profit reached 298 billion won (USD264 million) in the third quarter on a consolidated basis compared with a profit of 342 billion won a year earlier, the company said in a regulatory filing.
Operating income also declined 16 percent on-year to reach 461 billion won, and sales fell 2.4 percent to 5.05 trillion won over the cited period.
LG Chem said its business division for basic materials suffered a decline in profitability due to seasonal factors and the strong won, while its electric car battery business division managed to improve its bottom line.
Shares of LG Chem closed at 245,000 won on the Seoul bourse, up 2.08 percent from the previous session's close. The third-quarter earnings results were released after the market closed.
As MRC informed earlier, LG Chem Ltd., Korea's leading chemicals and battery maker, said Thursday its net profits soared 9.3 percent in the second quarter from a year earlier thanks to improved petrochemical margins amid low oil prices.
LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. According to ICIS report, it is 15th biggest chemical company in the world in 2011. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.
MRC