S Korea's LG Chem Q2 net profit up 7.2%; sales down 1.3%

22 July 2013 08:56  [Source: ICIS news]

SINGAPORE (ICIS)--LG Chem's net profit rose by 7.2% year on year to won (W) 401m ($358,000) in the second quarter of this year amid stable feedstock costs, the South Korean producer said on Monday.

The company’s sales for the period dipped by 1.3% to W5.92bn, while its operating profit was inched up by 0.5% to W502m, the company said in a statement.

On quarter-on-quarter basis, the company’s net profit was up by 17.8%, with sales rising by 3.4%.

“Overall profitability has improved thanks to the stable price of feedstock and strategic business portfolio which focused on premium high-end products,” LC Chem said.

“Attempts to diversify the market through differentiated products succeeded in increasing profitability,” it added.

Looking ahead, the company expects seasonal demand growth and the gradual recovery in the global economy to boost its earnings in the third quarter.

“Focusing on differentiated products, the overall profitability as well as competitiveness is expected to increase,” LG Chem said.

($1 = W1,121)

By: Nurluqman Suratman

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