South Korea’s LG Chem’s net profit rises 34.5% in 2015

According to a press release on the company’s website, South Korea’s LG Chemical’s net profit rose 34.5% to reach KRW1.15 trillion ($973.6 million) in 2015 compared with the previous year. The company’s operating profit also surged 39.1% on the year to KRW1.82 trillion ($1.5 billion) in 2015.

The company attributed stronger operating profit in the last quarter of 2015 to the healthy spread between basic chemical prices and feedstock costs as well as their differentiated product portfolio.

However, LG Chemical’s sales fell 10.5% year over year to KRW20.21 trillion ($16.8 billion) in 2015 due to the slow recovery of the global economy and a slump in crude oil prices.