By Kwanwoo Jun

LG Chem Ltd. returned to profit in the fourth quarter of 2020 from loss a year earlier, notching record revenue, driven by strong growth in its electric-battery business.

Net profit was 60.63 billion Korean won ($55.0 million), compared with net loss of KRW56.84 billion in the same quarter a year earlier, the South Korean chemical-and-battery company said Wednesday. That missed a FactSet consensus forecast for net profit of KRW458.69 billion.

Revenue jumped 20% to a quarterly record high of KRW8.886 trillion. The company posted operating profit of KRW673.58 billion for the quarter, compared with operating loss of KRW33.35 billion a year earlier.

For full year 2020, revenue rose 9.9% to an annual record high of KRW30.057 trillion, while net profit almost tripled from a year earlier to KRW1.086 trillion.

The electric battery segment, among other businesses, drove strong business growth in the final quarter of 2020, thanks to brisk global demand, the company said

LG Chem is a major supplier of electric-vehicle batteries for Tesla Inc., Volkswagen AG and Renault S.A.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

01-27-21 0242ET