Lotte Fine Chemical Reports Q3 Sales of 401.2 Billion KRW and Operating Profit of 35.1 Billion KRW
Sales Down 7.0% Compared to Previous Quarter
Operating Profit Down 49.2%
Lotte Fine Chemical announced its preliminary results for the third quarter on the 30th, reporting sales of 401.2 billion KRW and an operating profit of 35.1 billion KRW. Compared to the previous quarter, sales decreased by 7.0% and operating profit fell by 49.2% due to a decline in international prices of chlorine-based products in the Chemical Business Division. Despite the weak market conditions in the upstream industries, Lotte Fine Chemical demonstrated resilience against the downturn through strategic market price adjustments.
By division, the Chemical Business Division recorded sales of 280.9 billion KRW, down 4.5% from the previous quarter. This was mainly due to the drop in international prices of 'ECH,' a chlorine-based epoxy resin raw material. The Green Materials Business Division posted sales of 120.3 billion KRW, a 12.2% decrease from the previous quarter, affected by reduced product sales volume due to declining demand in the cellulose-related upstream industries.
Meanwhile, Lotte Fine Chemical is investing 55 billion KRW to strengthen its high-value specialty materials business. It plans to invest 16 billion KRW by the end of the year to expand the 'TMAC' factory, a semiconductor developing solution raw material plant, and complete mechanical construction. Additionally, through an investment of 39 billion KRW to further expand the cellulose-based food and pharmaceutical production line, the company aims to complete the project by the first half of 2025, securing a competitive edge in the growing markets of alternative meat applications and plant-based pharmaceutical capsules.
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Lotte Fine Chemical stated, "Although international prices of key chlorine-based products declined in the third quarter, prices are expected to rise in the fourth quarter, leading to a recovery in performance." The company added, "We will secure a leading position in growing markets such as semiconductors and alternative meat applications through active investment in high-value specialty materials."
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