LG Chem petchems arm Q4 '09 profits sharply reverse net loss

29 January 2010 09:44  [Source: ICIS news]

SINGAPORE (ICIS news)--LG Chem's operating profits of its petrochemical arm surged to won (W) 251bn in the fourth-quarter of last year, reversing a net loss of W85bn over the same period in 2008, the South Korean producer said on Friday.

The company’s petrochemical arm operating profits quarter on quarter, however, almost halved from W519bn reported in the third quarter of 2009.

Looking ahead, demand for its petrochemical products from China was expected to be robust as the country continued its “solid growth”, the company said.

Overall, LG Chem’s consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the whole of 2009 rose 51% higher to W2,818bn from W1,864bn in 2008.

The company also reported a 69% increase in its operating profits in the whole of 2009 to W2,235bn from W1,321bn in the previous year.

Sales were up 8.6% to W15,801bn, while consolidated net income last year was W209bn as compared to W62bn in 2008.

($1 USD = W1,161.55)

To discuss issues facing the chemical industry visit ICIS connect

By: Nurluqman Suratman

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly