LOTTE Chemical (CEO Kyo Hyun Kim) announced on the 7th that its 2021 Q1 tentative performance (consolidated) was 4 trillion 168.3 billion KRW and operating profits was 623.8 billion KRW.
Compared to the previous quarter, revenue increased by 29.5% and operating profits by 188.5%.

LOTTE Chemical stated, “Profits improved due to the normalized activation of the Daesan Factory, recovery of the global economy that was slow due to COVID-19, and the cold wave in the United States.”

The 2021 Q1 performance of LOTTE Chemical and its major subsidiaries are as follows.

- The olefin business sector in the Basic Materials Division recorded revenue of 1 trillion 928.3 billion KRW and operating profits of 313.1 billion KRW. The increased production and sales due to the normalization of the Daesan Factory, sudden drop in supply due to the cold wave in the US, and recovery of demand led the improved profitability. The aromatic business sector recorded revenue of 527.8 billion KRW and operating profits of 39.9 billion KRW. The increased demand for food and beverage containers and increased PIA sales also helped improve profitability significantly.

- The advanced materials business recorded 1 trillion 41.4 billion KRW in revenue and 115.7 billion KRW in operating profits. The increased demand for products that became popular due to COVID-19 such as home appliances, game consoles, TVs, etc., ABS and PC profitability was improved to realize strong profitability.

- LOTTE Chemical Titan recorded 651.1 billion KRW in revenue and 133.1 billion KRW in operating profits. The stopping of facility operation in North America due to a cold wave, decrease in imports due to the lack of transportation containers, and the continued strong demand for disposable products and hygiene products helped improve revenue and profitability significantly.

- LC USA recorded 155.2 billion KRW in revenue and 58.6 billion KRW in operating profits. Despite operations being suspended due to abnormal cold waves, the highest profitability was recorded since beginning commercial production thanks to stabilized raw material costs and increased product costs.

Regarding the Q2 performance, LOTTE Chemical said, “Though new and expanded supply is expected, it is expected that good performance similar to the previous quarter is expected due to growing demand with the global economic recovery.” It added, “We will actively pursue ESG management such as more eco-friendly and recycled products, while also reinforcing our materials portfolio to procure future growth markets, and look to expand business opportunities.”