South Korea’s LG Chem Q1 net profit falls 10.6% on market slump

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)

By: Surinder Malhi
+65 6780 4327

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