By Kwanwoo Jun
LG Chem Ltd.'s third-quarter net profit more than quadrupled from a year earlier, driven by the strong growth of its chemical and battery businesses.
Net profit for the quarter ended Sept. 30 was 570.39 billion Korean won ($500.9 million) compared with KRW137.19 billion a year earlier, the South Korean company said Wednesday. This beats a FactSet consensus forecast for net profit of KRW495.14 billion.
Revenue during the quarter rose 8.8% on year to KRW7.507 trillion in line with the company's preliminary forecast.
Operating profit more than doubled from a year earlier to KRW902.08 billion, matching the company's earlier estimate.
The company attributed the solid quarterly results to strong demand for chemical materials, including acrylonitrile butadiene styrene and polyvinyl chloride, and better product margins, as well as growing shipments of electric-vehicle batteries.
The quarterly results came ahead of the company's Oct. 30 shareholders' meeting on a plan to spin off its battery unit.
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