LG Chem, Ltd. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 2015; Provides Earnings Guidance for the Year 2016
January 27, 2016 at 05:59 pm IST
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LG Chem, Ltd. announced earnings results for the fourth quarter and full year ended December 2015. For the quarter, the company reported net profit surged 89.2% year on year to won KRW 207.0 billion ($173 million) despite a 6.2% decline in sales. Sales stood at KRW 5.04 trillion, with operating profit rising 52.0% year on year to KRW 352.0 billion.
For the year, the company reported operating income grew 39% to KRW 1,824 billion in 2015 from KRW 1,311 billion in 2014. The year-on-year growth in earnings was mainly driven by the strong performance of its core chemical business, which more than offset the softer performance of its non-chemical businesses. The company posted a 34.5% jump in net profit to KRW 1.15 trillion, even as sales declined by 10.5% to KRW 20.2 trillion.
For the year 2016, the company is targeting to grow its revenue by 7.3% to KRW 21.7 trillion, with capital expenditures expected to rise 3.3% to KRW 1.78 trillion.
LG Chem Ltd is a Korea-based company principally engaged in the manufacture of petrochemical materials. The Company operates its business through five segments. The Petrochemistry Business segment is mainly engaged in the manufacture of basic materials which are mainly used for petrochemical industry, and the products include polyvinyl chloride (PVC) resins, low-density polyethylene (LDPE), poly styrene (PS), and acrylonitrile butadiene styrene (ABS). The Battery Business segment mainly engages in the manufacture of rechargeable batteries for mobile phone, automobile and storage batteries. The Advanced Materials Business segment mainly manufactures optical materials for manufacturing polarizers, and electronic materials including liquid crystal display (LCD) materials and cathode materials. The Life Science Business segment engages in the bio pharmaceutical business. The Common and Other segment manufactures and sells crop protection agents, fertilizers and seeds.
LG CHEM, LTD. 
