Seoul: Lotte Chemical Corp., a prominent South Korean petrochemical company, reported a significant increase in its second-quarter net losses compared to the previous year, attributing this to an ongoing downturn in the petrochemical sector.
According to Yonhap News Agency, the company's net losses for the quarter ending in June expanded to 471.3 billion won (US$339.2 million), up from 107.1 billion won during the same period in the prior year. The regulatory filing revealed that operating losses also grew to 244.9 billion won from 121.3 billion won, while sales decreased by 17.5 percent, dropping to 4.19 trillion won from 5.09 trillion won.
In an effort to bolster its core petrochemical operations, Lotte Chemical has been restructuring its business portfolio and divesting non-core assets. Recently, the company sold its entire 75.01 percent stake in Lotte Chemical Pakistan Ltd. (LCPL) to a consortium including AsiaPak Investments Ltd. and Montage Oil DMCC for 97.9 billion won.
Looking ahead, Lotte Chemical plans to enhance its petrochemical portfolio in the latter half of the year by inaugurating a hydrogen shipping center and expanding its high-end plastics manufacturing business. The company also reported that net losses for the first half of 2025 increased to 717.6 billion won from 167.6 billion won a year earlier.