LG Chem Reports 18% Drop in Q3 Net Profit to 585 Billion Won

SEOUL — LG Chem Ltd. announced a third-quarter net income of 585 billion won (US$432.5 million) on Monday, marking an 18 percent decrease compared to the same period last year.

According to Yonhap News Agency, the operating income for the July-September quarter dropped 5.6 percent on-year to 860.4 billion won. Sales fell by 3.5 percent, reaching 13.49 trillion won. Despite the decline in profit and sales, the results surpassed market expectations. The average estimate of net profit by analysts was 401.8 billion won, as surveyed by Yonhap Infomax, the financial data arm of Yonhap News Agency.

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