Lotte Jeongmil Hwachem Reports Operating Profit of 154.8 Billion KRW Last Year, Down 62% YoY
Sales Decreased by 28% to 1.7686 Trillion Won
Lotte Fine Chemical announced on the 7th that it recorded sales of 1.7686 trillion KRW and an operating profit of 154.8 billion KRW last year. Compared to the previous year, sales decreased by 28.2% and operating profit decreased by 61.7%.
Regarding last year's performance, Lotte Fine Chemical stated, "Due to the global economic slowdown, front-end demand declined and international prices weakened, resulting in reduced profitability in the chlorine series," but added, "Stable growth in high value-added specialty material cellulose series products led to an annual operating profit margin of 8.8%."
By division, the Chemical Business Division recorded sales of 1.271 trillion KRW. The reason for the decline in sales compared to the previous year was the drop in ammonia international prices due to the decrease in raw material costs such as natural gas for ammonia, and the price decline of major products such as caustic soda and ECH (a raw material for epoxy coatings) caused by reduced front-end demand for chlorine series products in global construction.
The Green Materials Business Division recorded annual sales of 497.6 billion KRW. The slight increase in sales compared to the previous year was mainly due to the expanded sales volume from the capacity expansion of cellulose series factories, which had been proactively invested in, despite the price decline caused by the drop in raw material costs such as pulp. Lotte Fine Chemical completed investments totaling approximately 180 billion KRW in cellulose series products in 2022.
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A Lotte Fine Chemical official stated, "This year, marking the 60th anniversary of our founding, we will lay the foundation to leap forward as a 100-year company through active investments in clean ammonia and hydrogen businesses and new high value-added specialty material business areas for sustainable growth."
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