Seoul: LG Chem Ltd., South Korea's leading chemical maker, announced a 23.8 percent decline in its first-quarter net income, amounting to 260.4 billion won (US$183.3 million). The figures were released on Wednesday, demonstrating a notable contrast to the company's financial performance from the previous year.
According to Yonhap News Agency, LG Chem revealed in a regulatory filing that despite the drop in net profit, it achieved an operating profit of 447 billion won for the quarter. This represents a significant improvement from the 264.6 billion won recorded in the same period last year. The company also reported a 4.8 percent increase in revenue, bringing it to 12.17 trillion won.
The earnings report surpassed market expectations, as analysts had predicted a lower net profit. The average estimate of net profit by analysts was 132.8 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.