The chemical giant posted an operating profit of 679.7 billion won (around $476 million) for the July to September period, up 38.9 percent from a year earlier, while revenue fell 1.9 percent to 11.2 trillion won.
LG Energy Solution, its battery-making subsidiary, contributed 601.3 billion won in operating profit with revenue of 5.7 trillion won. Operating profit grew by 34.1 percent year-on-year, while revenue fell 17.1 percent during the same period.
"In the third quarter, we delivered improved earnings through growth across our diverse business portfolio, including the petrochemical division's return to profit, receipt of upfront payments from life sciences license-outs, and LG Energy Solution's performance improvement, as well as cost reduction activities along the entire value chain," Chief Financial Officer Cha Dong-seok said.
"While challenging business conditions will persist due to weak global demand, we will overcome these difficult times by accelerating our shift toward a high-value, high-profit business portfolio and through new business development and operational optimization activities."
Shares of LG Chem closed Friday 1.85 percent lower at 397,500 won.
reporter
Kim Dong-young
davekim0807@ajupress.com
Copyright ⓒ Aju Press All rights reserved.
