[Special Stock] LG Chem Soars Over 4% on Record Q1 Earnings
[Asia Economy Reporter Song Hwajeong] LG Chem is showing strength following strong first-quarter earnings.
As of 9:59 AM on the 29th, LG Chem was trading at 934,000 KRW, up 44,000 KRW (4.94%) from the previous day.
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LG Chem achieved record-breaking results in the first quarter of this year. The day before, LG Chem announced that its consolidated first-quarter sales increased by 43.4% year-on-year to 9.65 trillion KRW, and operating profit surged 584% to 1.4081 trillion KRW. Researcher Yoon stated, "The first-quarter operating profit exceeded the consensus (1 trillion KRW) by 40%," adding, "Both petrochemicals and batteries delivered surprises due to the reversal of provisions from the previous quarter, expanded sales, and cost reductions." The record-high performance is expected to continue into the second quarter. Researcher Yoon explained, "Second-quarter operating profit is expected to increase by 8% from the previous quarter to 1.52 trillion KRW, setting a new record again," and "This is because petrochemical operating profit will further improve to 1.17 trillion KRW."
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