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.
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
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