South Korea’s Lotte Chemical posts smaller net loss in Q1
by ChemOrbis Editorial Team - content@chemorbis.com
South Korean petrochemicals company Lotte Chemical registered an operating loss of 60 billion won ($43.7 million) for the first quarter. This loss was a sharp contrast to 225 billion won profit reported in Q1 2023, but it narrowed from 154 billion won loss in the previous quarter.
The company’s EBITDA was 172 billion won ($125 million) in Q1, down from 253 billion won ($184 million) in Q1 2023, but notably up from the 37 billion won reported in the previous quarter.
The company’s operating income for the basic chemicals segment including aromatics and olefins registered a loss of 130 billion won ($95 million) in the first quarter. The operating loss narrowed from the previous quarter’s 237 billion won ($173 million).
“Operating income loss reduced QoQ due to monomer product spread improvement, ethane price stabilization, and decreased inventory valuation loss,” the company said.
The company’s EBITDA was 172 billion won ($125 million) in Q1, down from 253 billion won ($184 million) in Q1 2023, but notably up from the 37 billion won reported in the previous quarter.
The company’s operating income for the basic chemicals segment including aromatics and olefins registered a loss of 130 billion won ($95 million) in the first quarter. The operating loss narrowed from the previous quarter’s 237 billion won ($173 million).
“Operating income loss reduced QoQ due to monomer product spread improvement, ethane price stabilization, and decreased inventory valuation loss,” the company said.
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