S. Korea’s LG Chemical’s earnings down in 2014
by ChemOrbis Editorial Team - content@chemorbis.com
According to a press release on the company’s official website, South Korea’s LG Chemical post weaker earnings in 2014 due to sluggish demand stemming from the slow recovery of the global economy and sharp declines in crude oil prices. The company’s operating profit declined 24.8% year over year to KRW1.31 trillion ($1.21 billion) in 2014 while sales also retreated 2.4% to KRW22.58 trillion ($20.95 billion) when compared to previous year.
In the fourth quarter of 2014, the company’s net profit slumped 38.2% on the year to reach KRW 109.4 billion ($101.4 million) while its sales posted a decreased of 4.8% to KRW5.37 trillion ($4.97 billion) compared with the same period of the preceding year.
According to a statement, LG Chemical expects improved product spread due to stabilizing feedstock prices in the first quarter of 2015. The company also plans to reinforce its differentiated product lines in order to enhance its comparative advantage.
In the fourth quarter of 2014, the company’s net profit slumped 38.2% on the year to reach KRW 109.4 billion ($101.4 million) while its sales posted a decreased of 4.8% to KRW5.37 trillion ($4.97 billion) compared with the same period of the preceding year.
According to a statement, LG Chemical expects improved product spread due to stabilizing feedstock prices in the first quarter of 2015. The company also plans to reinforce its differentiated product lines in order to enhance its comparative advantage.
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