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LG Chem Posts Record Sales Despite Downturn in Petchems and IT

8:39 AM MDT | July 20, 2011 | Natasha Alperowicz

LG Chem (Seoul) posted record second quarter sales despite a downturn in the petrochemical and IT businesses. Sales in the second quarter were won 5.699 trillion ($5.4 billion), up 13.4% on the year-ago period. Operating profit slipped 6.3% to won775.4 billion and net profit was down 3.3% to won624.5 billion. The company says performance in the petrochemicals business was satisfactory despite a slump in the industry. Sales of premium polyolefins increased in the quarter. The company also reported high profit in its acrylates and plasticizers business on the...

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