LG Chem Reports Operating Profit of 895.6 Billion KRW Last Year, Down 60% (2nd Report)

[Asia Economy Reporter Park So-yeon] LG Chem announced on the 3rd that its operating profit last year was 895.6 billion KRW, a decrease of 60.1% compared to the previous year.

Last year's sales amounted to 28.6 trillion KRW, an increase of 1.6% from the previous year, but profitability significantly declined due to the slowdown in the oil market and provisions related to fires in energy storage systems (ESS).

Net profit last year also sharply dropped by 75.2% to 376.1 billion KRW compared to the previous year.

Additionally, LG Chem set its consolidated sales target for this year at 35.3 trillion KRW, with the petrochemical sector set at 15.7 trillion KRW and the battery sector at 15 trillion KRW, respectively.

LG Chem also announced its withdrawal from the liquid crystal display (LCD) glass substrate business.

LG Chem explained that although it decided on new investments in April 2012 to expand LCD glass substrate production, the market conditions continued to deteriorate due to a rapid increase in production facilities in China, and it judged that the business would find it difficult to turn to a recovery trend, leading to the decision to withdraw.

This content was produced with the assistance of AI translation services.