LX Inter 2Q Operating Profit 129.6 Billion KRW... Up 0.3% YoY

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LX International recorded an operating profit of approximately 130 billion KRW in the second quarter of this year. Although sales grew by double digits, operating profit remained almost the same as in the second quarter of last year. This appears to be due to the increase in shipping profits offsetting the downward stabilization of resource market conditions such as coal and metals.

On the 2nd, LX International announced preliminary results showing consolidated sales of 4.0736 trillion KRW and an operating profit of 129.6 billion KRW for the second quarter of this year. These figures represent increases of 18.4% and 0.3%, respectively, compared to the same period last year.

Trading profits performed well due to increased resource trading volumes and rising prices and sales volumes of LCD panels, while shipping profits also increased due to higher logistics freight rates.

Based on resources secured from existing businesses such as coal, palm, and trading, LX International plans to build a stable profit base by fostering new revenue sources through diversification of resource portfolios and regional expansion.

An LX International official explained, "Using the Indonesian AKP nickel mine acquired earlier this year as a stepping stone, we are considering acquiring additional assets such as mines and refineries to expand our business value chain. In addition to nickel, we will diversify our resource portfolio with future promising minerals such as copper and silica." He added, "We are actively exploring new businesses in promising regions such as India, which is emerging as a new global production base with high growth potential."

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