LG Chem : Expects 3Q Operating Profit to More Than Double

By Kwanwoo Jun

LG Chem Ltd. expects its third-quarter operating profit to more than double from a year earlier, driven by growth in its chemicals and battery businesses.

The South Korean company said Monday that it anticipates an operating profit of 902.08 billion won ($788.8 million) compared with KRW348.76 billion for the same quarter a year earlier. The forecast beat a FactSet consensus estimate of KRW708.56 billion.

LG Chem expects third-quarter revenue of KRW7.507 trillion, up 8.8% from a year earlier. The estimate missed the FactSet consensus estimate of KRW8.092 trillion.

LG Chem is due to release a full report on its third-quarter results next week, ahead of its Oct. 30 shareholders meeting on a plan to spin off its battery unit.

Write to Kwanwoo Jun at [e-mail]

(END) Dow Jones Newswires

10-11-20 2007ET