29 January 2013 08:26 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s LG Chem reported on Tuesday a 22.5% year-on-year fall in its fourth-quarter 2012 net profit to won (W) 292bn ($268m), despite higher sales.
Sales for the October-December period of 2012 rose by 1.5% year on year to W5,681bn, while operating profit declined by 28.4% to W364bn, the company said in a statement.
Further details of the company’s financial performance in the fourth quarter were not disclosed.
For the full year of 2012, the company’s net profit fell by 30.6% year on year to W1,506bn, while its sales increased by 2.6% to W23,263bn.
Operating profit last year was down by 32.2% at W1,910bn.
“Overall profitability [for the full year] has decreased due to [the] global recession of frontline industries for petrochemical goods and automotive batteries,” LG Chem said.
This year, the company aims to increase its sales by 6.9% to W24,860bn, with a 2.2% growth in capital expenditure to W1,506bn.
($1 = W1,091)
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