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LG Chem posts record-breaking sales in Q1

April 20/2017

MOSCOW (MRC) -- LG Chem said that it posted 796.9 billion won (USD698 million) in operating profit, a 74 percent rise on-year, said Koreaherald.

It also posted 6.4 trillion won in sales, a 33 percent increase, for the same period. The battery firm said the strong earnings were brought about by the record-breaking operating revenue in its basic material business, the turnaround in its information electronics materials and profit increases in its life science unit.

Its basic material unit posted 4.4 trillion won in sales and 733 billion won in operating income, a 28 percent and 57 percent on-year increase, respectively, due to clients growing need to secure inventory in a strong oil price environment and good performance in the Chinese market.

"The stable performance is expected to continue as the favorable market situation of basic materials is predicted to continue in the second quarter," a LG Chem spokesperson said.

As MRC informed earlier, LG Chem had decided to drop a plan to jointly build a USD4.2-billion petrochemical complex in Kazakhstan, citing a prolonged slump in oil prices and a sharp increase in facility investments.

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.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, LG Chem, South Korea.
Category:General News
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