Benefiting from a decline in commodity prices and cost-saving endeavors, LG Chem Ltd. weathered the coronavirus storm well in Q1 and even turned around from the previous quarter’s loss.
Higher than analyst expectations of 140.4 billion won, the company disclosed a consolidated operating profit of 236.5 billion won ($192.8 million) in the January-March period. Profit was down 15.9 percent against the year-ago period.
Down 4.5 percent on quarter but up 7.5 percent on year, sales totaled 7.12 trillion won in Q1. Reversing to profit from the previous quarter but down 82.9 percent on year, net profit came to 36.3 billion won.
Its petrochemical business unit delivered an operating profit of 242.6 billion won on sales of 3.7 trillion won in Q1.
Due to crashing oil prices from the coronavirus fallout, sales slipped from the previous quarter. However, the spread improved for its main products, including polyvinyl chloride (PVC) and acrylonitrile butadiene styrene (ABS).
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Published on April 30, 2020 7:43 PM (GMT+8)Last Updated on April 30, 2020 7:43 PM (GMT+8)
