LG Chem posted record-breaking sales for the first quarter of this year.
LG Chem said Wednesday that it posted 796.9 billion won ($698 million) in operating profit, a 74 percent rise on-year. It also posted 6.4 trillion won in sales, a 33 percent increase, for the same period.
The battery firm said the strong earnings were brought about by the record-breaking operating revenue in its basic material business, the turnaround in its information electronics materials and profit increases in its life science unit.
(LG Chem)
Its basic material unit posted 4.4 trillion won in sales and 733 billion won in operating income, a 28 percent and 57 percent on-year increase, respectively, due to clients’ growing need to secure inventory in a strong oil price environment and good performance in the Chinese market.
“The stable performance is expected to continue as the favorable market situation of basic materials is predicted to continue in the second quarter,” a LG Chem spokesperson said.
(
shinjh@heraldcorp.com)