LG Chem's Q1 profits plummet
by ChemOrbis Editorial Team - content@chemorbis.com
LG Chem, a South Korean petrochemicals company, reported a net profit of 341.69 billion won ($248 million), down by 49% from 669.05 billion won ($493 million) in the same quarter previous year.
The company attributed the lower results to higher raw material costs and lower demand due to the economic slowdown.
LG Chem’s operating profit declined by 67% to 264.63 billion won ($195 million) in the first quarter from 803.7 billion won ($592 million) in Q1 2023.
The company’s sales were down by 19% to 11.609 trillion won ($8.5 billion) from 14.284 trillion won ($10.5 billion) during the same period last year.
The company attributed the lower results to higher raw material costs and lower demand due to the economic slowdown.
LG Chem’s operating profit declined by 67% to 264.63 billion won ($195 million) in the first quarter from 803.7 billion won ($592 million) in Q1 2023.
The company’s sales were down by 19% to 11.609 trillion won ($8.5 billion) from 14.284 trillion won ($10.5 billion) during the same period last year.
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