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LG Chem Q4 net up 25.2 pct on solid demand

2018/01/31 17:08

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SEOUL, Jan. 31 (Yonhap) -- LG Chem Ltd., South Korea's top chemicals firm, said Wednesday that its fourth-quarter net profit rose 25.2 percent from a year earlier on steady demand for basic materials and increased battery sales.

Net profit reached 338.1 billion won (US$316 million) in the October-December period, compared with a profit of 269 billion won a year earlier, LG Chem said in a regulatory filing.

For all of 2017, net profit came to 2.02 trillion won, up 57.8 percent from a year earlier.

Operating income rose 33.2 percent on-year to reach 614.9 billion won in the fourth quarter, and sales climbed 16.7 percent to 6.43 trillion won over the cited period, the company said.

LG Chem attributed the hike in operating profit to steady demand for basic materials, increased sales of electric vehicle batteries and energy storage systems.

The South Korean company said it will spend a record 3.8 trillion won in capital expenditure this year to boost its competitiveness and nurture new businesses, up 52 percent from a year earlier.

LG Chem said it aims to achieve 26.9 trillion won in sales this year, up 4.7 percent from a year earlier.