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LOTTE Chemical discloses the interim performance for the 3rd quarter of 2021.
2021.11.05
LOTTE Chemical discloses the interim performance for the 3rd quarter of 2021.
■ 4,441.9 billion KRW revenue and 288.3 billion KRW operating profit in the 3rd quarter of 2021
- Revenue increased by 45.9% and
operating profit by 48.8% compared to the same quarter last year.
■ The LINE project in Indonesia launched and HPC started operation to boost business in Korea and abroad and expand hydrogen business,
■ The LINE project in Indonesia launched and HPC started operation to boost business in Korea and abroad and expand hydrogen business,
battery materials, and eco-friendly products for investment in future growth engines.
LOTTE Chemical (CEO Kim Gyo-hyun) announced on the 5th that they recorded 4,441.9 billion KRW revenue and 288.3 billion KRW operating profit based on the interim performance (consolidated) of the 3rd quarter of 2021. Revenue increased by 45.9% and operating profit by 48.8% compared to the same quarter last year.
LOTTE Chemical stated, "The spread of major products has been reduced due to the increase in raw material cost and international logistics cost and profit has decreased with the re-spread of COVID-19 and depression in the frontier industry due to poor supply of semiconductors.” "Although product spread decreased due to the continued instability and competitors’ pressure to expand, LC USA recorded stable performance with high cost-effectiveness.”
LOTTE Chemical and its major subsidiaries showed the following performance in the 3rd quarter of 2021:
-The olefin part of the Basic Materials Division recorded 2,132.6 billion KRW revenue and 148.9 billion KRW operating profit. The revenue has increased since the previous quarter, but profit has decreased a little due to the increase in the cost of naphtha and in the volume of supply in Asia. The revenue for the aromatic division was 602.4 billion KRW with the operating profit of 11.9 billion KRW; the revenue has increased with stable product demand, but the operating profit decreased due to the increase in cost and in the volume of supply by competitors.
-The revenue for the advanced materials division was 1,256.6 billion KRW and the operating profit recorded 76.5 billion KRW. The revenue continued to increase since the previous quarter, but the profit decreased slightly due to the decrease in demand in the frontier industry, such as mobility, IT, and home appliances, with unstable supply of semiconductors and increase in the cost of PC.
-LOTTE Chemical Titan recorded 619.9 billion KRW revenue and 27 billion KRW operating profit. The profit has decreased compared to the previous quarter due to the decrease in operation of frontier industry in Southeast Asia with the re-spread of COVID-19 and the reflection of opportunity cost following the regular maintenance and repair.
-LC USA recorded 152.5 billion KRW revenue and 41.8 billion KRW operating profit. The performance was stable thanks to the strong demand and increase in product value with competitive cost.
“Although the elements of instability remains in relation to the high oil prices and increasing volume of supply domestically and abroad, we are anticipating some benefit from the recovery of global economy, increase in product supply in the manufacture industry, and power shortage in the rising countries,” said the spokesperson of LOTTE Chemical.
"We will launch the LINE project in Indonesia and start operating HPC for business expansion and competitiveness; at the same time, we will promote the eco-friendly future businesses based on the ‘2030 Hydrogen Growth Roadmap’ declared last July to invest in the hydrogen business and battery electrolyte organic solvent production facilities and complete Korea’s first Plnat for chemically recyclable PET (C-rPET),” he added.
LOTTE Chemical stated, "The spread of major products has been reduced due to the increase in raw material cost and international logistics cost and profit has decreased with the re-spread of COVID-19 and depression in the frontier industry due to poor supply of semiconductors.” "Although product spread decreased due to the continued instability and competitors’ pressure to expand, LC USA recorded stable performance with high cost-effectiveness.”
LOTTE Chemical and its major subsidiaries showed the following performance in the 3rd quarter of 2021:
-The olefin part of the Basic Materials Division recorded 2,132.6 billion KRW revenue and 148.9 billion KRW operating profit. The revenue has increased since the previous quarter, but profit has decreased a little due to the increase in the cost of naphtha and in the volume of supply in Asia. The revenue for the aromatic division was 602.4 billion KRW with the operating profit of 11.9 billion KRW; the revenue has increased with stable product demand, but the operating profit decreased due to the increase in cost and in the volume of supply by competitors.
-The revenue for the advanced materials division was 1,256.6 billion KRW and the operating profit recorded 76.5 billion KRW. The revenue continued to increase since the previous quarter, but the profit decreased slightly due to the decrease in demand in the frontier industry, such as mobility, IT, and home appliances, with unstable supply of semiconductors and increase in the cost of PC.
-LOTTE Chemical Titan recorded 619.9 billion KRW revenue and 27 billion KRW operating profit. The profit has decreased compared to the previous quarter due to the decrease in operation of frontier industry in Southeast Asia with the re-spread of COVID-19 and the reflection of opportunity cost following the regular maintenance and repair.
-LC USA recorded 152.5 billion KRW revenue and 41.8 billion KRW operating profit. The performance was stable thanks to the strong demand and increase in product value with competitive cost.
“Although the elements of instability remains in relation to the high oil prices and increasing volume of supply domestically and abroad, we are anticipating some benefit from the recovery of global economy, increase in product supply in the manufacture industry, and power shortage in the rising countries,” said the spokesperson of LOTTE Chemical.
"We will launch the LINE project in Indonesia and start operating HPC for business expansion and competitiveness; at the same time, we will promote the eco-friendly future businesses based on the ‘2030 Hydrogen Growth Roadmap’ declared last July to invest in the hydrogen business and battery electrolyte organic solvent production facilities and complete Korea’s first Plnat for chemically recyclable PET (C-rPET),” he added.
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