Seoul: LG Chem on Thursday announced a significant first-quarter net loss of 781.9 billion won (US$526.2 million), marking a stark contrast to the profit of 260.4 billion won reported during the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that it experienced an operating loss of 49.7 billion won for the January-March timeframe, a sharp decline from the 437.7 billion won profit recorded a year ago. Additionally, LG Chem's revenue decreased by 2.6 percent, totaling 12.24 trillion won.
The operating loss was notably 68.5 percent lower than the average estimate, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.