Seoul: LG Chem Ltd., South Korea's leading chemical company, reported a fourth-quarter net loss of 1.57 trillion won (US$1.1 billion), continuing its trend of operating in the red compared to the previous year. The company revealed these figures in a regulatory filing, highlighting ongoing financial challenges.
According to Yonhap News Agency, LG Chem sustained an operating loss of 413.3 billion won for the October-December period. This represents a significant increase from the 261 billion won loss reported in the same period the previous year. Additionally, sales experienced an 8.8 percent decline, dropping to 11.19 trillion won.
The latest figures mark a substantial deviation from expectations, with the loss exceeding the average estimate by 299 percent. This estimate was based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency, indicating the severity of the company's financial situation.