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Biz News Korea(Eng)
Lotte Chemical reports best-ever quarterly and yearly performance in Q4 and full 2016
- Collected
- 2017.02.03
- Distributed
- 2017.02.06
- Source
- Go Direct
It outperformed its stronger rival LG Chem Ltd. for the first time since its founding in 1976 thanks to profit improvement in chemical products.
Lotte Chemical announced in a regulatory filing on Thursday that its operating profit gained 14.6 percent on quarter and 138.7 percent on year to 737.1 billion won during the traditionally slow period over October to December last year. Its sales amounted to 3.67 trillion won, up 7.1 percent on quarter and 36 percent on year.
For full 2016, it posted 2.54 trillion won in operating profit, up 58.1 percent from the previous record of 1.61 trillion won in 2015. The best-ever full-year performance has been widely predicted by market analysts since it recorded 1.81 trillion won in operating profit for January to September period last year. Sales also rose 12.9 percent on year to 13.22 trillion won, and net profit soared 81.3 percent to 1.79 trillion won.
Despite low seasonal demands in the fourth quarter last year, price competitiveness in mainstay ethylene products such as polyethylene, polypropylene, ethylene glycol and butadiene strengthened due to cheaper won.
Lotte Chemical beat LG Chem’s five-year-high profit of 1.99 trillion won.
As of 1:58 p.m. on Friday, shares of Lotte Chemical fell 1.26 percent to 390,500 won in Seoul trading.
By Jung Wook
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]