Seoul: LG Chem Ltd., South Korea's leading chemical company, reported its third-quarter net income of 447.3 billion won (US$314 million), marking a significant decline of 55.8 percent from the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that it recorded an operating profit of 679.7 billion won for the quarter, compared to 489.5 billion won in the same period last year. Meanwhile, sales decreased by 11.3 percent, totaling 11.19 trillion won.
Despite the downturn, the earnings surpassed market expectations. Analysts had projected an average net profit estimate of 182.5 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.