LX International posts record Q2 results on rise in commodity prices, shipping rates

SEOUL, July 29 (Yonhap) — LX International Corp., a trading arm of LX Group, said Friday its second-quarter net profit more than doubled from a year earlier, backed by the uptrend in global commodity prices and higher shipping rates.

Net profit reached 230.9 billion won (US$177.9 million), up 108 percent from 111 billion won the previous year, the company said in a regulatory filing.

Operating income came to 289.4 billion won, more than doubling from the 125.8 billion won a year ago. Sales rose 26.9 percent to 5.01 trillion won.

The operating profit was 11.4 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

“External conditions became more favorable as coal and palm oil prices and shipping rates have climbed, leading to the growth in both profit and size across all businesses,” an LX International official said.

In the long-term growth strategy, the company will nurture nickel mining and renewable energy as its strategic areas and continue to expand its eco-friendly footprint in the materials and logistics sectors, it said.

LX International, formerly LG International Corp. that was split from LG Group last year, is engaged in the development and trading of industrial materials, petrochemical products and electrical and electronic components, as well as mining and logistics.

It has also been expanding its portfolio into the green materials segment, such as biodegradable plastics and biomass energy.

Shares in LX International closed 3.47 percent higher to 32,800 won on the Seoul bourse on Friday, outperforming the broader KOSPI’s 0.67 percent gain. The earnings results were released after the market opened.

Source: Yonhap News Agency

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