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LG Chem Q4 net profit more than halves from yr ago

LG Chem Ltd., South Korea's biggest chemical maker, posted a bigger-than-expected fall in quarterly net profit due to weak demand for petrochemical products amid a global economic slowdown.

LG Chem, which makes products ranging from petrochemicals and plastics to flooring, automotive parts and rechargeable batteries, reported 61.6 billion won ($44.58 million) in net profit for the fourth quarter to December 31, down 51% from a year earlier.

Sales were at 3.24 trillion won versus 3 trillion a year ago, LG Chem said. Operating profit was down 44.6% from a year earlier to 123 billion won. (Reuters)