▲ LOTTE Chemical Corp.

■ In ‘23 Q3, recorded revenue of 4.8157 trillion KRW, operating profit of 28.1 billion KRW to make turnaround
■ LOTTE Chemical, “In accordance to rapid changes in international situations and the chemical industry, we will secure maximum profitability by expanding existing businesses to high-value specialty products, while pursuing efficiency optimization to speedily carry on with battery materials, hydrogen energy, recycling businesses, etc.”

LOTTE Chemical (President & CEO Kim Gyo Hyun) announced on the 9th that its 2023 Q3 tentative performance (consolidated) was 4 trillion 815.7 billion KRW and operating profit was 28.1 billion KRW, making a turnaround.

The 2023 Q3 performance of LOTTE Chemical and its major subsidiaries are as follows.

- The basic materials business recorded 2 trillion 582.9 billion KRW in revenue and 277 billion KRW in operating losses. Revenue dropped slightly as weakened demand continued, but thanks to positive lagging effects of raw materials with rising oil prices and activation efficiency, profitability was improved. It is expected that volatility of raw material prices will increase amidst global economic uncertainties, it is expected that the future supply burden will gradually ease.

- The advanced materials business recorded 1 trillion 68.4 billion KRW in revenue and 75.5 billion KRW in operating profits. Profitability improved as sales increased while entering the high season. It is expected that demand will weaken in Q4 as we enter the slow season, as well as due to the impact of strike in the automobile sector all across America.

- LOTTE Chemical Titan recorded 556.4 billion KRW in revenue and 7.7 billion KRW in operating losses. Profitability was improved due to positive lagging effects of raw materials with the increase in oil prices. Weak market conditions are expected due to uncertainties of raw material prices and delays in recovery of demand because of geopolitical risks, but efforts will continue to improve profits by optimizing activation rates.

- LC USA recorded 121.3 billion KRW in revenue and 16 billion KRW in operating losses. Profitability dropped due to cost burdens as the price of natural gas rose, but raw material prices are stabilizing downwards, and so it is expected that profitability will improve in Q4.

LOTTE Chemical announced, “In accordance to rapid changes in international situations and the chemical industry, we will secure maximum profitability by expanding existing businesses to high-value specialty products, while pursuing efficiency optimization to speedily carry on with battery materials, hydrogen energy, recycling businesses, etc.”