19 April 2013 09:37 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s LG Chem posted on Friday a 10.6% year-on-year fall in its first-quarter net profit to won (W) 340bn ($303m) because of a market slump caused by high feedstock prices.
Sales in the first quarter fell by 0.6% year on year to W5,721bn, while operating profit fell by 8.5% to W409bn, the company said in a statement.
Further details of the company’s financial performance were not disclosed.
With respect to the second quarter, LG Chem expects the feedstock prices and on-seasonal demand of products to stabilise.
($1 = W1,122)
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