LG Chem Q3 Net Profit Soars 73 Percent on One-Off Gains

SEOUL: LG Chem Ltd., South Korea's leading chemical company, reported a 73 percent increase in its third-quarter net profit, attributing the surge to one-off gains. The company announced on Monday that its net profit for the third quarter reached 1.01 trillion won ($729 million), compared to 585.04 billion won during the same period last year, as per a regulatory filing. According to Yonhap News Agency, the substantial increase in profit was partly due to proceeds worth about 500 billion won from the sale of its non-core polarizing plate materials business in September, which was included in the quarterly financial results. Despite this boost, LG Chem's mainstay petrochemical division recorded an operating loss of 38 billion won, impacted by rising raw material prices, increased logistics costs, and the won's appreciation against the dollar. The company noted a decline in operating profit, which fell by 42 percent to 498.36 billion won in the third quarter from 860.43 billion won a year earlier. Sales also decreased by 6 percent to 12.67 trillion won from 13.49 trillion won over the same period. For the first nine months of the year, LG Chem experienced a 27 percent drop in net income, totaling 1.41 trillion won, down from 1.92 trillion won in the previous year. Operating profit for the January to September period decreased by 49 percent to 1.17 trillion won, compared to 2.28 trillion won a year ago, while sales fell by 13 percent to 36.58 trillion won from 42.11 trillion won.